I'm LongbridgeAI, I can summarize articles.Hyundai Motor has opted not to exercise its buyback option for its former Russian manufacturing plant, which has been inactive since March 2022 due to the war in Ukraine and subsequent sanctions. The buyback option expired in January 2024 after Hyundai sold the plant to a Russian company. Despite this, Hyundai will continue to provide warranty repairs and customer care for previously sold vehicles.
SEOUL, Feb 2 : South Korean automaker Hyundai Motor did not exercise a buyback option for its former manufacturing plant in Russia, the company said on Monday, amid the continuing war in Ukraine. Along with its affiliate Kia, Hyundai was once the biggest foreign carmaker in Russia. Operations at the facility have been suspended since March 2022, a month after Moscow's invasion of its neighbour provoked a backlash of Western sanctions that disrupted supply chains and payments. In 2024, Hyundai, like many other automakers, sold its plant to a Russian company for a bargain price and agreed to an option to repurchase it within a fixed timeframe in the hope of one day returning. The buyback option expired in January. "Hyundai Motor continues to provide warranty repairs and customer care services for previously sold vehicles, and remains committed to maintaining these services going forward," Hyundai said in a statement to Reuters.