ST. PETERSBURG, December 19. /TASS/. The board of directors of South Korea’s Hyundai Motor has approved the plan on sale of St. Petersburg plant to the Russian company Art-Finance, a source in the company’s press service told TASS, adding that the deal is at its final stage of approval .

"Today, on December 19, Hyundai Motor held the meeting of the board of directors where it approved the plan on sale of its share in the plant Hyundai Motor Manufacturing Rus LLC in St. Petersburg to the Russian company Art-Finance. Currently Hyundai is finalizing the deal with Art-Finance," the source said.

Hyundai Motor will continue providing post-sales services and other support to Hyundai clients in Russia, the press service noted.

According to data from open sources, Avilon Group president Andrey Pavlovich owns 100% in Art-Finance.

Hyundai Motor plant was launched in 2010. It had manufactured Hyundai Solaris, Hyundai Creta, Kia Rio with an annual capacity of over 200,000 units. The plant suspended operations in March 2022 after the beginning of the special military operation in Ukraine.

Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov said on the sidelines of the Innoprom.Kazakhstan international industrial exhibition on September 25 that a Russian company would buy Hyundai’s plant in St. Petersburg.