SEOUL: South Korean automaker Hyundai Motor plans to sell its plant in Russia for a token 7,000 roubles ($77.67), a company official said on Tuesday.

Hyundai Motor also said in a regulatory filing that it will take a 287 billion won ($219.19 million) loss on selling the plant, which has suspended its operations since March, 2022.

Hyundai Motor breaks ground on $1.5bn EV plant in South Korea

The automaker said in a statement that it is currently making final arrangements with Russia’s Art-Finance to agree a deal.