Hyundai forfeits Russian buyback rights as auto exodus continues

Hyundai Motor Group did not exercise its option to repurchase its former factory in St. Petersburg by the January deadline, making it the second foreign carmaker to lose the buyback right as sanctions and the war in Ukraine continue to reshape Russia’s auto market. Hyundai and Kia suspended operations in 2022; Hyundai sold the plant to AGR Automotive Group in 2024 for 140,000 won and its vehicles have since been marketed under the Solaris brand, while Hyundai says it will still provide warranty and after-sales support for vehicles already sold. Mazda was the first to lose buyback rights in November 2025, and other brands such as Renault, Mercedes-Benz, Volkswagen, and Toyota have exited Russia, leaving Chinese automakers to fill the gap.