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EconomyThe Kia brand wants to flee Russia for Kazakhstan

The Kia brand wants to flee Russia for Kazakhstan

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Hyundai can be dropping hope and contemplating promoting its plant in St. Petersburg, in accordance to Moscow media

“The Russian market could become more volatile and could even stagnate. We risk no longer being able to deliver new vehicles,” the group warned, as quoted by Russian information company Tass.

Korean manufacturers Kia and Hyundai are additionally getting ready to go away the Russian market, the place they’ve been the one various to Chinese imports in current months. Kia has already moved most of its Russian workplace to Kazakhstan, and has confirmed plans to begin assembling vehicles there in a three way partnership with native firm Allur Auto.

Comments are heard within the Russian media that this enterprise shall be primarily geared toward exporting to Russia – maybe “in the second way”, in order not to immediately violate the sanctions.

Kia and Hyundai have been respectively the quantity 2 and three gamers within the Russian market earlier than the battle in Ukraine, second solely to AvtoVAZ by way of gross sales. In 2021, the 2 Korean corporations offered 205,000 and 197,000 automobiles, respectively.

After the beginning of the battle, the Koreans waited, hoping to save their Russian enterprise. Now, nonetheless, this hope appears to have disappeared, as a result of Hyundai can be contemplating the sale of its Russian plant in St. Petersburg, Gazeta.ru claims. There can be hypothesis concerning the value – about 500 million {dollars}, which in accordance to specialists is virtually half of the true worth of the enterprise.

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