UPDATE 1-Hyundai Motor did not exercise option to buy back Russian auto factory

South Korean automaker Hyundai Motor did not exercise ‌a buyback option for its former manufacturing plant in Russia, the company ⁠said on Monday, amid the continuing war in Ukraine. Along with its affiliate Kia, Hyundai was once the biggest ​foreign carmaker in Russia. The buyback option expired in January.

South Korean automaker Hyundai Motor did not exercise ‌a buyback option for its former manufacturing plant in Russia, the company ⁠said on Monday, amid the continuing war in Ukraine.

Along with its affiliate Kia, Hyundai was once the biggest ​foreign carmaker in Russia. Operations at the facility ‍have been suspended since March 2022, a month after Moscow's invasion of its neighbour provoked a backlash of Western sanctions ⁠that ‌disrupted supply ⁠chains and payments.

In 2024, Hyundai, like many other automakers, sold ‍its plant to a Russian company for a bargain ​price and agreed to an option to repurchase ⁠it within a fixed timeframe in the hope of one ⁠day returning. The buyback option expired in January. "Hyundai Motor continues to provide warranty repairs and customer ⁠care services for previously sold vehicles, and remains committed ⁠to maintaining ‌these services going forward," Hyundai said in a statement to Reuters.

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