Exclusive-Hyundai not in a position to buy back Russian auto factory, source says

Group 1 - Hyundai is unable to repurchase its former manufacturing plant in Russia due to the ongoing war in Ukraine, with the buyback option set to expire next month [1][3][5] - Hyundai and its affiliate Kia were once the largest foreign carmakers in Russia, having sold their St. Petersburg plant in 2024 after operations were suspended in March 2022 due to the invasion of Ukraine [2][6] - The sale of the plant to AGR Automotive Group was for a symbolic amount of 140,000 won ($97) and included a two-year buyback option, which is now nearing expiration [3][4] Group 2 - The ongoing conflict in Ukraine and Western sanctions against Russia have hindered Hyundai's ability to act on the buyback option, with uncertainty surrounding the potential for negotiating an extension [5][6] - Most foreign carmakers have exited the Russian market due to reputational risks and operational challenges, with Hyundai reporting a 287-billion-won loss from the sale of its Russian assets [6][7] - The plant that Hyundai sold is now producing vehicles under the Solaris brand, which was previously associated with Hyundai's own models for the Russian market [7]