Hyundai extends Russia trademarks as buyback deadline nears

Hyundai Motor manufacturing plant in St. Petersburg, Russia (Hyundai Motor Group)

Hyundai Motor Co. has registered its trademarks in Russia for use through 2034, drawing attention amid questions over whether the company may return to the Russian market.

Russia’s RIA Novosti reported Monday that Hyundai Motor extended the validity of several trademarks, including its corporate logo, in November, citing data from Rospatent, the country’s patent authority. The applications were filed in 2024.

The report added that the renewed registrations put the company in a position where it could sell cars and parts in the country.

Although the outlet quoted a source saying such renewals are standard practice for global companies to protect their intellectual property, the move is again heightening anticipation, as the period for Hyundai to exercise its buyback option on its former Russian assets is set to expire in about one month.

Hyundai Motor sold all of its Russian assets, including its St. Petersburg factory, for a nominal price of about $100 in January 2024 after suspending operations in 2022, when the full-scale war between Russia and Ukraine began. However, the company reportedly secured a buyback clause allowing it to reclaim the plant within two years of the sale, with the deadline expected in December.

The continued extension of trademarks has fueled speculation. In April and May, Hyundai and its affiliate Kia renewed around 20 trademarks, including model names such as Hyundai ix10 and Kia Soul.

Despite withdrawing from the market, Hyundai Motor’s parts affiliates — including Hyundai Mobis and Hyundai Wia — have maintained their Russian subsidiaries on a limited basis.

Experts say Hyundai Motor may be making preparations to be able to enter Russia after the war in Ukraine ends, as the brand may still enjoy some popularity amid fatigue with Chinese brands dominating the market.

“Once the war and sanctions end, Western companies will be able to freely enter Russia. If that happens after Hyundai’s buyback option expires, the facility could be sold to another company. Hyundai cannot help but feel uneasy,” said Kim Pil-su, an automotive engineering professor at Daelim University.

Hyundai has not issued a new statement since saying earlier this year that “there is no decided plan regarding a return.”

Russia had long been a key market for Hyundai Motor and Kia before the country invaded Ukraine. In 2021, the two brands ranked third and second in new-car sales in the country, selling 170,000 and 206,000 vehicles, respectively, behind the Russian domestic brand Lada.

That same year, automobiles and car parts accounted for roughly 41 percent of Korea’s total exports to Russia of $9.9 billion.