Russia Ban: Kia and Hyundai will face logistical trouble
Russian authorities have a ban on the export of cars and car parts until an unknown date, in retaliation to Western nations’ sanctions. The ban applies to over 200 items, including the main parts “car chassis and other automotive products”
Manufacturers like Kia and Hyundai will be hit the hardest by the ban. The ban was revealed in a report published by the TASS news agency, which specifically mentioned South Korean automakers Hyundai and Kia are facing major logistical trouble after Russia’s decision to suspend exports of goods in a tit-for-tat response to countries who are supporting Ukraine in the ongoing conflict.
Because of political instability between Russia and Ukraine, the automobile industry is being disrupted. the supply chain issues are starting to make their way into the market, with car prices rising in the auto market. Carmakers are having a hard time dealing with all of this, so what lies ahead is a challenging period for the markets.
The problem isn’t going to go away anytime soon, either. Because of this, carmakers will have to hike up their prices even further.
This wave will not just be affecting consumers; it’s also affecting small businesses in terms of rising costs.
