By Heekyong Yang
SEOUL, March 4 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS)said on Friday it has not decided when to resume operations at its assembly plant in St Petersburg, Russia, citing ongoing issues with components delivery.
“Hyundai Motor Company is deeply concerned by the situation in Ukraine. We can confirm operations of the Hyundai Motor Manufacturing Russia (HMMR) are suspended until further notice due to ongoing global logistics issues with components delivery,” it said in a statement to Reuters.
Operations at the St Petersburg plant have been suspended since March 1. read more
The South Korean automaker, which together with affiliate Kia Corp (000270.KS) is among the world’s top 10 biggest automakers by sales, builds about 200,000 vehicles per year in Russia, about 4% of its global production capacity.
Earlier this week, Swedish automaker Volvo Cars (VOLCARb.ST) said it would suspend car shipments to the Russian market until further notice, becoming the first international automaker to do so as sanctions over the invasion continue to bite. read more
