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.
- German Mercedes-Benz is also leaving the Russian market. The auto concern is selling property, stakes in local subsidiaries and its factory in the Moscow suburbs to the Russian dealer Avtodom.
- Sanctions prohibit the supply of cars from the EU with a value of more than €50,000 to Russia. American sanctions generally prohibit the supply of cars to the Russian Federation. In addition, sanctions make it impossible to supply components to Russia.