9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
The insider, reportedly from circles close to the management of Hyundai and Kia, is so contradictory that it is completely unclear which of the circulating rumors should be
It seems that clarity came in mid-September this year. Yes, Hyundai is selling the St. Petersburg plant, closing the topic of its presence in the Russian market. The head of the Ministry of Industry and Trade, Denis Manturov, quoted by RBC, hastened to confirm this: “We have already made all decisions regarding the acquisition of Hyundai. At least what was directly stated by the company itself. A decision will therefore be made soon. The buyer will be a domestic company.”
This kind of ending immediately raised serious doubts. All kinds of automotive experts mentioned the Avilon dealer holding company as the most likely candidate for the company’s takeover. But he is having great difficulty becoming the new owner of the workshops in St. Petersburg, as he still cannot deal with the Volkswagen legacy that has fallen into his hands. Where else does he have to take on a heavy burden?
Moreover, the Mash telegram channel added fuel to the furnace of distrust in early October. Referring to some of his sources (the gentlemen, as you know, should take their word for it) he said that Kia and Huyndai will completely close their operations in Russia by the end of 2023.
The inhabitants did not have time to be surprised and upset by this harsh verdict, when on the same day it was refuted by Izvestia, who spoke categorically:
– Car manufacturers Kia and Hyundai do not plan to leave the Russian market. Dealers of companies in Russia announced this on October 4. The interlocutors noted that the work of dealer centers and service areas continues as usual and car maintenance and fulfillment of warranty obligations are carried out “in accordance with the regulations”…
Izvestia did not say a word about the production side of its activities, but on October 30, Interfax paid attention to this issue:
– The car factory in St. Petersburg of the South Korean concern Hyundai (Hyundai Motor Manufacturing Rus LLC, HMMR) has extended its shutdown until December, Interfax was told at the St. Petersburg Employment Center. Here they stated that “the company was aware of the downtime mode at the enterprise until November 30, 2023”…
It seems that the Koreans are running around like a mouse during childbirth. They can be understood. After sanctions were imposed on Russia in March 2022, the St. Petersburg plant shut down its assembly line, reportedly due to problems with the supply of spare parts and the inability to conduct normal international financial activities. From then on it does not bring any profit, but on the contrary, it ruins the company.
At the end of 2022, Hyundai received 18.8 billion rubles. net losses instead of 11.2 billion rubles. arrived a year earlier. Naturally, there was talk about the upcoming sale of this suitcase without a handle. The South Korean newspaper Dong-ailbo stated on October 18 last year with an indispensable reference to its sources (well, how could it be otherwise) that Hyundai was considering a similar option.
Almost a year has passed since this publication, and the Koreans continue to accumulate losses as if nothing had happened, without taking any drastic steps to change the situation for the better. There are no official statements from the leaders about the company’s intentions – only references from journalists to mythical sources.
South Korea is known to be under immense pressure from its overseas patron, forcing the country to sever mutually beneficial economic ties with Russia. But if the Koreans had decided to leave, they would have left long ago. But they understand very well what kind of work and what financial investments it will cost them to return. The vacated niche is already occupied by the Chinese, whose products are quite competitive, and in a few years they will surpass Korean products in quality.
Thus, Hyundai’s top managers are forced to writhe like snakes in order not to arouse the wrath of the United States and at the same time not to completely break with the very sweet Russian market. However, the attempt to sit on two chairs has not done anyone any good yet.
It seems that clarity came in mid-September this year. Yes, Hyundai is selling the St. Petersburg plant, closing the topic of its presence in the Russian market. The head of the Ministry of Industry and Trade, Denis Manturov, quoted by RBC, hastened to confirm this: “We have already made all decisions regarding the acquisition of Hyundai. At least what was directly stated by the company itself. A decision will therefore be made soon. The buyer will be a domestic company.”
This kind of ending immediately raised serious doubts. All kinds of automotive experts mentioned the Avilon dealer holding company as the most likely candidate for the company’s takeover. But he is having great difficulty becoming the new owner of the workshops in St. Petersburg, as he still cannot deal with the Volkswagen legacy that has fallen into his hands. Where else does he have to take on a heavy burden?
Moreover, the Mash telegram channel added fuel to the furnace of distrust in early October. Referring to some of his sources (the gentlemen, as you know, should take their word for it) he said that Kia and Huyndai will completely close their operations in Russia by the end of 2023.
The inhabitants did not have time to be surprised and upset by this harsh verdict, when on the same day it was refuted by Izvestia, who spoke categorically:
– Car manufacturers Kia and Hyundai do not plan to leave the Russian market. Dealers of companies in Russia announced this on October 4. The interlocutors noted that the work of dealer centers and service areas continues as usual and car maintenance and fulfillment of warranty obligations are carried out “in accordance with the regulations”…
Izvestia did not say a word about the production side of its activities, but on October 30, Interfax paid attention to this issue:
– The car factory in St. Petersburg of the South Korean concern Hyundai (Hyundai Motor Manufacturing Rus LLC, HMMR) has extended its shutdown until December, Interfax was told at the St. Petersburg Employment Center. Here they stated that “the company was aware of the downtime mode at the enterprise until November 30, 2023”…
It seems that the Koreans are running around like a mouse during childbirth. They can be understood. After sanctions were imposed on Russia in March 2022, the St. Petersburg plant shut down its assembly line, reportedly due to problems with the supply of spare parts and the inability to conduct normal international financial activities. From then on it does not bring any profit, but on the contrary, it ruins the company.
At the end of 2022, Hyundai received 18.8 billion rubles. net losses instead of 11.2 billion rubles. arrived a year earlier. Naturally, there was talk about the upcoming sale of this suitcase without a handle. The South Korean newspaper Dong-ailbo stated on October 18 last year with an indispensable reference to its sources (well, how could it be otherwise) that Hyundai was considering a similar option.
Almost a year has passed since this publication, and the Koreans continue to accumulate losses as if nothing had happened, without taking any drastic steps to change the situation for the better. There are no official statements from the leaders about the company’s intentions – only references from journalists to mythical sources.
South Korea is known to be under immense pressure from its overseas patron, forcing the country to sever mutually beneficial economic ties with Russia. But if the Koreans had decided to leave, they would have left long ago. But they understand very well what kind of work and what financial investments it will cost them to return. The vacated niche is already occupied by the Chinese, whose products are quite competitive, and in a few years they will surpass Korean products in quality.
Thus, Hyundai’s top managers are forced to writhe like snakes in order not to arouse the wrath of the United States and at the same time not to completely break with the very sweet Russian market. However, the attempt to sit on two chairs has not done anyone any good yet.
Source: Avto Vzglyad
Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
