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“Ford” is selling its business in Russia and is leaving the country

Author:
Oleksiy Yarmolenko
Date:

Ford Motor Company has decided to leave the Russian market. They sell their business in Russia there.

Reuters writes about it.

Ford currently has a stake in the Sollers Ford joint venture.

“Ford shares will be transferred to the joint venture at nominal value,” the company said.

They also added that they reserve the right to buy them back within 5 years “in the event of a change in the global situation”. Back in March, the company announced the complete suspension of its activities in Russia. In Russia, Ford had two factories, namely in Vsevolozhsk and Yelabuga.