“Art-Finance” bought the Russian assets of Hyundai – Kommersant
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The Russian company Art-Finance has completed a transaction to purchase all Russian assets of the South Korean manufacturer Hyundai. This was reported by press service AGR Automotive Group. The deal also included the St. Petersburg enterprise Hyundai Motor Manufacturing Rus LLC.
The Art-Finance company, headed by the former president of the Avilon dealer holding, Andrei Pavlovich, was registered in Moscow in February 2023. In May of the same year, the company bought out Volkswagen’s Russian assets, including the plant in Kaluga.
The purchase of the Russian Hyundai plant by Art-Finance became known at the end of 2023. The deal was approved by Volkswagen’s board of directors. St. Petersburg Hyundai plant resumed work after two years of inactivity on January 9 of this year. The company employs 800 people.
Read more about the terms of the deal in the material “Hyundai is renting out factories in Russia”.
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