Ford leaves Russian market

Ford announced that the company has finalized its exit from the Russian market following the seven-month suspension of its operation in the country.

The Blue Oval brand reportedly sold 49 percent of its share in the Ford Sollers joint venture. The sale follows the full suspension of all operations in Russia, including manufacturing, supply of parts, IT, and engineering support, in March this year.

Ford retains the option to repurchase the shares within a five-year period, should the global situation change.

Ford is just one of the few automotive brands that are withdrawing from the Russian car market, which includes Nissan and Toyota. The former announced its exit from Russia just last month while the former announced it will end its Russian operations in September. 

Photo from Ford

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