Credit Cards
Loans
Banking
Mortgage
Insurance
Credit Monitoring
Personal Finance
Small Businesses
Taxation
Help with low scores
Invest
SELECT
All Cards
Find the Credit Card for You
Best Credit Cards
Credit Cards with Better Rewards
The best credit cards for travel
Best 0% TAP Credit Cards
Best Credit Cards for Balance Transfer
Best Cash Back Credit Cards
Best Credit Card Welcome Bonuses
The best credit cards to build credit
SELECT
All Loans
Find the private loan for you
Best Personal Loans
Best Debt Consolidation Loans
Best Loans to Refinance Credit Card Debt
Best Loans with Fast Funding
Best Small Personal Loans
Best Large Personal Loans
Best Personal Loans to Apply for Online
Best Student Loan Refinancing
SELECT
All Banking
Find the Savings Account for You
Best High Yield Savings Accounts
The best savings accounts from banks.
The Best Checking Accounts of the Big Banks
Best Checking Accounts with No Fees
No overdraft on checking accounts
Best Checking Account Bonuses
Best Money Market Accounts
Best CDs
Best Credit Unions
SELECT
All mortgages
Best Mortgages
Best Mortgages for a Small Down Payment
Best No Down Payment Mortgages
The best mortgages without origination fees
Best Mortgages for an Average Credit Score
Adjustable-rate mortgages
Affording a Mortgage
SELECT
All insurance
Best Life Insurance
Best Home Insurance
Best Renters Insurance
Best Car Insurance
Travel Insurance
SELECT
All Follow-Ups
Best Credit Monitoring Services
Best Identity Theft Protection
How to Boost Your Credit Score
Credit Repair Services
SELECT
All Personal Finances
Best Budgeting Apps
Best Spending Apps
Best Apps for Transferring Money
The best reselling apps and sites
Buy Now, Pay Later (BNPL) Apps
Better Debt Relief
SELECT
All Small Businesses
Best Small Business Savings Accounts
Best Checking Accounts for Small Business
Best Credit Cards for Small Business
Best Small Business Loans
The best tax software for small businesses
SELECT
All taxes
Free Deposit
Best Tax Software
Best Tax Software for Small Businesses
Tax Refunds
Tax brackets
Tax Tips
State-Imposed
Tax Payment Plans
SELECT
Everything you want for low credit scores.
Best Credit Cards for Bad Credit
Best Personal Loans for Bad Credit
Best Debt Consolidation Loans for Bad Credit
Personal loans if you don’t have credit
Best Credit Cards for Building Credit
Personal Loans for 580 Credit Score or Lower
Personal loans with a score of 670 or lower
The best mortgages for bad credit
Best Hardship Loans
How to Boost Your Credit Score
SELECT
All Investments
Best IRA Accounts
Best Roth IRAs
Best Investing Apps
Best Free Stock Trading Platforms
Best Robo-Advisors
Index Funds
Investment Funds
ETFs
Obligations
Hyundai announced on Friday that it had signed a deal to sell its two Russian plants, making the South Korean company the latest global automaker to leave Russia since the start of the Ukraine war.
The Russian buyer, Art-Finance, said it had completed the acquisition of Hyundai’s St. Petersburg plants on January 24 and had obtained approval from the Federal Antimonopoly Service and Russia.
Most European, Japanese and South Korean automakers suspended production and left the Russian market after Moscow sent troops into Ukraine in February 2022, promoting in exchange for a small payment, as Russia made fundraising difficult.
Hyundai Motor said in December it planned to sell its Russian assets for 10,000 roubles ($111.69), taking a 287 billion won ($214.7 million) loss. Operations at its main plant were suspended in March 2022.
On Friday, Hyundai Motor showed it had signed a deal to sell its production facilities in Russia, without naming Art-Finance, with whom it had said in the past it was in negotiations.
Art-Finance said Hyundai’s assets are now part of its AGR group. The assets “include two production sites of a company in St. Petersburg: a factory in the Kamenka industrial zone and a factory in the Shuchary industrial zone. “
The second plant owned by General Motors before Hyundai bought it in 2020. The two plants have a combined annual capacity of approximately 300,000 vehicles.
Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen’s Russian assets in May 2023. Volkswagen’s plant was renamed AGR Automotive. Art-Finance said Hyundai’s plant will change its name once all registration procedures are completed.
Hyundai announced in December that it plans to continue offering after-sales services for existing cars taking into account the local situation in Russia.
Chinese carmakers have been plugging the gaps left in Russia by their departing Western competitors, but Chinese car sales appear to have peaked at more than 56% of the market as Russia’s domestic production has slightly recovered.
Do you have confidential news? We are here to listen to you.
Sign up for free newsletters and get more CNBC delivered to your inbox
Get this delivered to your inbox, and more info about our products and services.
© 2024 CNBC LLC. All Rights Reserved. A Division of NBCUniversal