BAKU, Azerbaijan, April 27. Hyundai Motor plans to sell its plant in Russia's St. Petersburg to a company from Kazakhstan, the South Korean MBC TV channel said, Trend reports via Interfax.
According to the information, negotiations are at the final stage.
The TV channel did not indicate which Kazakh company Hyundai Motor had agreed with, but the Astana Motors logo was shown in the report. The condition of the sale by Hyundai was the right to repurchase at any time.
As Astana Motors told Interfax, the company "has no plans to enter the plant in the Russian Federation".
As the company noted, its main focus is the development of automobile production in Kazakhstan. The company is now working on deepening localization and increasing the number of models produced by the method of welding and painting.
In addition, this year the company is starting construction of a plant in the industrial zone of Almaty for the production of automotive components for Hyundai - car seats, polyurethane mats, fenders, mudguards, and multimedia systems.