Interest in joint venture sold
Ford is now also formally withdrawing from Russia altogether. It is selling its interest in a joint venture set up for the local market.
Ford decided to cease operations in Russia shortly after the Russian invasion of Ukraine, as did most other automakers represented in Russia. Ford is now completely withdrawing from Russia by selling its minority stake in the Ford Sollers joint venture. Ford had a 49 percent interest in it and already transferred control of Ford Sollers to the Russian Sollers in 2019. With the sale of the stake, the Ford Sollers plant in Vsevolozhsk will be acquired by Sollers, among others. Until the beginning of this year they only built delivery vans for the local market.
Ford scaled back all its activities in Russia in 2019. Previously, the Mondeo and Focus, among others, were also built there and there were even more factories, but from that year Ford decided no longer to focus on the Russian market with passenger cars. The damage is therefore relatively limited in that respect. Ford says it has the option to buy back its stake in Ford Sollers within five years, if the ‘global situation’ allows.
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– Thanks for information from Autoweek.nl