The South Korean automaker said it was considering “various options” for the St. Petersburg plant.
Hyundai Motor said it was considering “various options” for its suspended plant in Russia, following a report that the South Korean automaker was discussing selling the plant to a Kazakh company.
Hyundai, South Korea’s third-largest conglomerate, said on Friday it had not decided on the future of its St. Petersburg plant following a news report that negotiations to sell the plant were in the final stages.
The company added that it would make an announcement once the case has been decided, or within a month at the latest.
South Korea’s Yonhap news agency reported on Thursday that the local government in St. Petersburg was in negotiations to sell the plant to an auto-related company in Astana, Kazakhstan.
Hyundai Motor suspended operations at its Russian plant in March 2022, shortly after Russia invaded Ukraine, joining many brands that have taken a break their business or left the country.
Hyundai manufactured about 200,000 vehicles in Russia each year before the invasion.
Hyundai and sister brand Kia controlled more than a quarter of the Russian car market before the war, ranking second behind Renault in France.
The company said in regulatory filings that it sold no cars in Russia in August and September.