Hyundai is reportedly contemplating offloading its factory in Saint Petersburg, Russia, a sign that it's looking into completely cutting ties with the Russian market for the time being. The plant, which produces vehicles like the Kia Rio and Hyundai Solaris, was initially shuttered back in March due to Western sanctions due to Russia's invasion of Ukraine.
This type of thing is starting to turn into a mass exodus. Just last week, Nissan announced that it was pulling out of Russia, selling its facilities to the Russian government for just 1 Euro, taking a $687 million hit in the process. Renault and Toyota have left the market or shuttered facilities, taking a significant profit loss to do so. Mazda is also reportedly mulling over pulling out and VW is attempting to find a buyer for its plant too. It's bad news on the western front, and Hyundai looks to be the next domino to fall.