Hyundai Motor says various options under review for sanctions-hit Russia plant

Hyundai Motor, which together with affiliate Kia Corp 000270.KS is among the world's top 10 biggest automakers by sales, builds about 200,000 vehicles per year in Russia, about 4% of its global production capacity.

Hyundai Motor is reviewing "various options" for its Russia plant but no details have been decided yet, the automaker said in a regulatory filing on Friday.

South Korea-based Hyundai Motor(MINT_PRINT)

The clarification comes after a report by Yonhap news agency on Thursday that Hyundai was negotiating the sale of its manufacturing plant in Saint Petersburg, Russia with a Kazakhstan company, citing Russian media.

The company also said it will make an announcement on the issue when a decision has been made, or within one month.

Earlier on Thursday, South Korean media reports claimed that the South Korean car maker is in talks with a Kazakhstan company over the sale of its manufacturing plant in Russia.

Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow invaded Ukraine last year.

The local government in St. Petersburg has been negotiating with Kazakhstan to sell Hyundai's Russia plant, Yonhap news agency reported, citing a TASS report.

Yonhap reported that negotiations to sell Hyundai's plant in St. Petersburg to an auto-related company in Astana, Kazakhstan are in the final stage, citing an unnamed source. The deal could be signed as early as June, it said.

Hyundai Motor suspended operations at its Russian factory last March.

Hyundai Motor, which together with affiliate Kia Corp 000270.KS is among the world's top 10 biggest automakers by sales, builds about 200,000 vehicles per year in Russia, about 4% of its global production capacity.