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.
KEY TAKEAWAYS
What percentage of Ford’s shares in its Russian joint venture did the company sell?
Reports say that Ford sold 49 percent of its shares in the Ford Sollers joint venture.What other companies announced their exit from the Russian market?
Companies Nissan and Ford already announced their exit from the Russian market.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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