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Hyundai Plant in Russia Extends Suspension until End of December

Written: 2023-12-06 10:04:50Updated: 2023-12-06 10:14:58

Hyundai Plant in Russia Extends Suspension until End of December

Photo : KBS News

Hyundai Motor has reportedly extended the suspension of its Russian plant in St. Petersburg until the end of this month.

According to Russia’s state-owned Tass news agency on Tuesday, the South Korean automaker renewed the downtime of its plant until December 31, resulting in 502 workers, or about a half of the plant’s employee’s, sidelined.

The plant halted production in March 2022 due to difficulties with the supply of components due to Russia’s war in Ukraine, with speculation now predicting that the facility will be sold within this year and operations will resume next year.

In September, Russian trade minister Denis Manturov said that a local company will buy the plant and that a conclusion will be reached soon, adding that the contract will include a buyback option allowing Hyundai to reacquire the facility two years after the sale.

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