Hyundai May Reclaim Its St. Petersburg Factory

The South Korean automotive giant Hyundai is contemplating the possibility of buying back its factory in St. Petersburg. The brand could potentially re-enter the Russian market following the resolution of the conflict in Ukraine and the lifting of sanctions, reports NewsBox.

Hyundai might once again take ownership of its plant in St. Petersburg. According to the Korean publication News1, the automaker is considering the option of repurchasing the facility, as outlined in a previously agreed deal.

The final decision will depend on the political and economic climate. Specifically, Hyundai's return to the Russian marketplace is contingent on the cessation of hostilities in Ukraine and the removal of international sanctions.

Hyundai had previously sold the plant in St. Petersburg, but the agreement included a clause for potential repurchase. So far, the company management has not issued any official statements regarding this matter.