Hyundai, Kia's Russian operations suffer plunge in utilization rate, sales in Q1

Hyundai Motor’s operation in Russia suffered a net loss of 2.93 billion won ($2.29 million) in Q1 after its utilization rate at the St. Petersburg plant plummeted 48%points on year to 83.3% due to production suspension continued since March 1 after Russia’s attack on Ukraine. A year ago, its business in Russia posted a net profit of 49.4 billion won. Kia’s Russian operation registered 640.2 billion won in sales versus 1.13 trillion won a year ago, but net profit rose to 66.8 billion won from the previous year’s 38.4 billion won.

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