Hyundai Motor Company has suspended its business operations in Russia due to the ongoing war in Ukraine. However, the South Korean car maker is also considering alternatives. As part of the alternative, they are planning to sell their factories in Russia. News Reuters.
In the wake of the war, many Western and Japanese companies sold their operations to Russia. This time, Hyundai Motor recently submitted a report to the management authorities analyzing the future prospects caused by the difficult operating environment in Russia.
Hyundai Motor did not respond to Reuters’ request for comment.
Along with subsidiary Kia Corporation, Hyundai Motor is one of the top 10 car manufacturers in the world in terms of sales. The company manufactures about two lakh units of cars in Russia every year, which is about 4 percent of the company’s global production.