Hyundai commented on the possibility of returning to the Russian market

The Korean company Hyundai Motor is not currently working on entering the Russian market, so far there are no steps in this direction. This was stated by representatives of the company to "RIA Novosti" on February 21.

The Korean media reported on February 14 that the concern Hyundai Motor may consider the option of returning to the Russian market and may decide to do so by the end of 2025. According to the Yonhap agency, the company may study the option of buying back the plant in St. Petersburg. In favor of such a development is evidenced by Hyundai's recent re-registration of the brand's trademark in Rospatent, the note noted.

The former Hyundai plant in St. Petersburg, acquired by the Russian company Art Finance, was renamed "Automobile Plant AGR" in early 2024. Since February of that year, the plant has been producing Solaris brand cars, which are re-branded Hyundai and Kia. The model range includes crossovers HC (Hyundai Creta), sedan KRS (Kia Rio), cross-hatchback KRX (Kia Rio X) and sedan HS (Hyundai Solaris). By the end of 2024, the company had produced almost 22,000 cars.

The era of renaissance: foreign car companies want to return to Russia

Experts doubt the success of car brands that decided to return to the Russian market

Earlier in the day, Deputy Chairman of the State Duma Committee on Economic Policy Stanislav Naumov said that car companies that have left the Russian market and decide to return should be subject to a special tax.

As the Financial Times reported the day before, Renault CEO Luca de Meo said that the company does not rule out a return to Russia. He said that buying out a controlling stake in AvtoVAZ is not a priority, but the brand's management is open to discussing business opportunities. The press service of the Russian company told Izvestia that it is not currently negotiating with Renault.