<span>Story:::2015</span><span>Hyundai Motor is unable to buy back its former manufacturing plant in Russia due to the ongoing war in Ukraine, a person familiar with the matter said.</span><span>The South Korean automaker sold its St. Petersburg plant, one of Russia’s largest foreign-owned auto plants, in 2024.</span><span>The facility has been suspended since March 2022, a month after Moscow invaded Ukraine.</span><span>Through this deal, Hyundai Motor will sell 100% of the plant’s shares to Russia’s AGR Automobile Group for a nominal price of 140,000 won (US$97 in 2024).</span><span>It includes a two-year buyback option that expires in January.</span><span>Hyundai told Reuters in a statement that it had not made a final decision on the buyback option.</span><span>AGR Automotive Group did not respond to a request for comment.</span><span>While the sources did not elaborate on the specific reasons why the company was unable to pursue the buyback option, they pointed to the ongoing conflict in Ukraine.</span><span>Before the war in Ukraine, Hyundai and its subsidiary Kia were the largest foreign players in the Russian car market.</span><span>In total, they sold more than 400,000 cars in 2019, accounting for nearly a quarter of all new car sales, ahead of Russia’s largest automaker Avtovaz.</span>
