Automaker Hyundai Motor has decided to withdraw from the Russian market. The plant in Russia is going to be sold to companies from Kazakhstan, Korean TV channel MBC reports. In the footage that was shown on the air, the logo of the Kazakh company Astana Motors was seen, Daryo correspondent from Kazakhstan informs.
One of the possible buyers was the Kazakh company Astana Motors, which produces Hyundai cars in Kazakhstan. There were reports that the South Korean concern is now only waiting for the approval of the deal, but everything turned out to be not so clear. We have requested a comment from Astana Motors. The company denied that they were going to buy a plant in Russia.
Astana Motors has no plans to enter a plant in the Russian Federation. We are developing auto production in Kazakhstan, we are faced with the task of deepening localization and increasing the number of models produced by the small-knot method (welding and painting). In addition, this year the company is starting construction in the Industrial Zone of Almaty of a plant for the production of automotive components for Hyundai - car seats, polyurethane mats, fender liner, mudguards and multimedia systems," the company's press service said.
The plant is reportedly located in St. Petersburg. It does not currently work due to a lack of components. Some spare parts were purchased only from South Korea. The authorities of the country intend to strengthen export control to Russia and the Republic of Belarus from April 28.
The Kazakh side has no interest in buying factories in Russia because Astana Motors has investment potential in other areas, according to the Kazakh auto expert Artur Miskaryan.
“Last autumn, Astana Motors started construction of a car plant in Almaty. The company plans to produce cars from three Chinese brands. The investment capacity of the project at this stage is almost $220mn, with a planned capacity of about 90,000 cars per year. The investment potential of the company is concentrated in this direction,” Miskaryan commented.
However, the MBC TV channel did not name the exact buyer of the assets of the Russian plant. One thing has become known for sure, this is not a Kazakhstani manufacturer of Hyundai cars - Astana Motors.
Talgat Satybaldy, Astana
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