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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Motor has signed a contract to sell its Russian plant to Russian company Art Finance, foreign media reported on the 26th.

According to reports, Russia's AGR has signed a deal for Art Finance to acquire a 100% stake in Hyundai Motor in Russia, including its plant in Saint Petersburg.

AGR is a subsidiary of Art Finance, a new name for Volkswagen's Russian subsidiary acquired by Art Finance last year.

AGR reported on the 24th that the process of acquiring Hyundai Motor's assets has been completed and has been approved by the Russian government's Foreign Investment Supervisory Commission and the Russian Federal Anti-Trust Agency.

Hyundai Motor held a temporary board meeting last month and approved a proposal to sell Art Finance its stake in its Russian plant and General Motors' Saint Petersburg plant, which it acquired in 2020.

Hyundai Motor completed the Saint Petersburg plant in 2010 and began to target the market, but shut down the plant in March that year due to the supply and demand of parts as Russia began a "special military operation" in Ukraine in February 2022 and was subject to Western sanctions.

Hyundai Motor, which had left its plant idle for about two years, eventually sold its plant to Art Finance and withdrew from the Russian market following other global automakers.

AGR did not disclose the terms of the contract on the day. However, Hyundai Motor reportedly sold the plant for 10,000 rubles (about 140,000 won) under the condition of a buyback that it can buy the plant again within two years.

AGR will change the name of Hyundai Motor's plant and release it as soon as the registration process is completed.

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