Hyundai abandons Russian market

Hyundai Motor Group announced that due to the ongoing conflict between Russia and Ukraine, it was unable to exercise its buyback option at its St. Petersburg plant and is officially withdrawing from the Russian market. Hyundai's development in Russia began in the 1990s, and it established a plant in St. Petersburg in 2010 with an annual production capacity exceeding 200,000 vehicles. In 2019, Hyundai and Kia sold over 400,000 vehicles in Russia, achieving a market share of 23%. However, after the outbreak of the conflict in 2022, Western sanctions disrupted supply chains, forcing the plant to shut down.