The Korea Economic Daily website has posted, “South Korea’s automotive juggernaut Hyundai Motor Co., which invested heavily in Russia over the last several years, is stuck between a rock and a hard place on whether to continue its presence there or cut the losses and move on. The total new car sales in Russia plunged 74.9% year on year to 32,412 last month, according to an industry report. The rapid decline follows Moscow’s prolonged war on Ukraine and the anti-Russian sentiment that led to European carmakers leaving the country.”
“… French automotive giant Groupe Renault sold its majority stake in Russia’s biggest carmaker AvtoVAZ and shut down its activities there amid the ongoing regional conflict. … Germany’s Volkswagen is in the process of selling its plant in Kaluga to Kazakhstan’s Asia Auto.”
“Industry insiders say the Chinese automakers are aggressively expanding their presence there to fill the gaps.”
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