Main points
- Hyundai Motor lost the opportunity to buy back its plant in Russia, selling it for $97, as the option expired.
- Other manufacturers, such as Mazda, Renault, Ford, Nissan, and Mercedes-Benz, are also leaving the Russian market due to sanctions and reputational risks.
Another automaker lost its assets in Russia / Reuters
Hyundai Motor Company did not exercise the option to buy out its former production plant in Russia, so it will irretrievably lose it. Mazda Motor also found itself in a similar situation at the end of 2025.
Why won't Hyundai Motor be able to buy out the plant in Russia?
South Korean automaker Hyundai Motor has not exercised its option to buy out its former manufacturing plant in Russia amid the war in Ukraine, Reuters reports.
Along with its affiliate Kia, Hyundai was once the largest foreign carmaker in Russia. However, over the past four years, Chinese brands have taken over the market as automakers from other countries have pulled out of Russia due to a full-scale invasion of Ukraine.
In 2024, Hyundai sold its plant to Russia’s AGR Automotive Group for 140,000 won ($97) and agreed to a buyback option at a set time. The buyback option expired in January.
Hyundai Motor continues to provide warranty repair and customer service for previously sold vehicles and remains committed to supporting these services in the future,
– Hyundai said in a statement.
What other automakers have left the Russian market?
The reputation of many global automakers was under threat, and Western sanctions made it impossible for them to do so, so most of them left the Russian market.
Japanese company Mazda Motor was the first to lose its buyout rights in October when it decided not to exercise its option to buy 50% of its Russian plant from former partner Sollers.
Renault, Ford, Nissan and Mercedes-Benz also have buyout options expiring between 2027 and 2029. Toyota and Volkswagen sold their assets without any buyout rights.
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