Hyundai is selling its St. Petersburg factory to the Russian company Art-Finance for a nominal price of $80 or 7,000 roubles ($78). The sale will result in a loss of $219 million or 287 billion won for Hyundai. In a similar move, Heineken's exit deal from Russia was rejected, and its Russian shares were sold to the Arnest Group for a symbolic €1. The overall cost of Hyundai's exit from Russia is estimated to be over $200 million, with the company set to lose £173 million after boycotting Russia and selling the factory for just £85.
Major car brand set to lose £173million after boycotting Russia and selling factory for just £85 https://t.co/lPxsiTcUYV
Korean car giant sells huge factory for $77 – media Hyundai’s exit from Russia will reportedly cost the company over $200 million MORE: https://t.co/gbcpX9CP1D https://t.co/yHH8jKMQD7
the Russian government rejected Heineken’s exit deal, and all 100 percent of its Russian shares were eventually sold to the Arnest Group, a Russian packaging firm, for a symbolic €1 #Russia https://t.co/7VD2dptK36
Hyundai has approved the sale of its factory in St. Petersburg to the Russian company Art-Finance for a nominal price of 7,000 roubles ($78). Hyundai Motor said it would take a 287-billion-won ($219.19-million) loss on selling the plant, mothballed since March 2022. (Meduza)
Hyundai is selling its St. Petersburg factory to the Russian company Art-Finance for a nominal $80 and says it will take a $219-million loss on the sale. In May, Art-Finance bought Volkswagen’s Russian assets for $137 million. Isn’t money funny? https://t.co/DVgA0s4zmi