SEOUL: South Korean automaker Hyundai Motor did not exercise a buyback option for its former manufacturing plant in Russia, the company said today, 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.