The Minister of Industry and Trade of the Russian Federation Denis Manturov said that a buyer had been found for the production site in St. Petersburg.
The Hyundai Motor Manufacturing Rus (HMMR) plant, located in the Northern capital, was put on hold in the spring of 2022 due to a shortage of components for the production of cars. Later, the company's management had to extend the shutdown several times, and at the end of the same year the enterprise was partially restarted. Let us remember that at that time they began stamping parts, welding and painting bodies for Hyundai Solaris: the produced products were sent to the assembly line of the Kazakh plant located in Almaty, where the final assembly of cars was carried out (not for the Russian Federation).
Photo from the HMMR plant (from the archive)
In January 2023, the company began the process of dismissing employees, while the company itself did not report that what awaits the Hyundai plant in the Russian Federation. At the end of last winter, rumors began to appear that a certain company from Kazakhstan had decided to buy the St. Petersburg site (the specific bidder was not named).
It was assumed that the buyer could be Astana Motors, whose subsidiary is Hyundai Trans Kazakhstan. In May, representatives of this company denied these rumors. Then they noted that their future plans include further development of car production in Kazakhstan, deepening localization, as well as increasing the number of models that are produced using the small-unit assembly method.
In the photo: Hyundai Solaris
Now that the Korean company Hyundai still intends to sell its Russian plant, Interfax reports with reference to the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov. According to him, Hyundai management plans to sell its local assets with a buyback option within two years. Denis Manturov also added that “all decisions have already been formed” and that the deal will be concluded “in the near future” (there is no more precise date yet).
The head of the Ministry of Industry and Trade of the Russian Federation explained that the buyer of the St. Petersburg HMMR site is a certain “local investor,” but he did not disclose the name of this company interested in the deal. Previously, it was assumed that the management of the Kaliningrad multi-brand enterprise Avtotor, which had previously collaborated with the Korean manufacturer and produced several models of the brand, might be interested in acquiring Hyundai assets.
In addition, the large dealer holding company Avilon was recently named as a potential buyer of the Russian Hyundai plant. Let us remind you that this year this company bought the Kaluga plant, which previously belonged to the German concern Volkswagen. Now the former Russian subsidiary of VW has been renamed AGR Automotive Group. Earlier it became known that car production at the former Volkswagen plant in Kaluga could be launched as early as this year.
The capacity of the St. Petersburg Hyundai plant, launched in 2010, is designed for an annual production of more than 200 thousand cars. Previously, the production of Hyundai Solaris and Creta passenger cars, popular in the country, as well as Kia Rio and Rio X, was established here. The Koreans also own a motor plant, as well as the St. Petersburg site, which previously belonged to the American concern General Motors: it has been mothballed since 2015 until Hyundai did not buy it in 2020. It was assumed that it would allow the new owner to expand local production.
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