“Ford Motor Company has completed its exit from its previously suspended operations in Russia by selling its 49 percent stake in the Sollers Ford joint venture,” – according to the company’s official press release.
Sollers confirmed the deal.
In March of this year, Ford suspended all operations in Russia, including manufacturing, parts supply and technical support.
Now Ford’s shares have also been sold at face value, although the company has reserved the right to buy them back within 5 years if “the world situation changes.”
What’s next?
The Ministry of Industry and Trade noted that after his departure: Ford the market will soon offer new Russian-made products. We are talking about the production of light commercial vehicles (company car) under its own brand Sollers where Fords were produced. There are plans to produce two new models with commitments to a high level of localization.
Reference
joint venture Since mid-2019, Ford Sollers in Yelabuga produces only Ford Transit light commercial vehicles with various modifications. Before that, the American concern closed its factory in Vsevolozhsk and left the Russian car market.