Ford Motor exits Sollers Ford joint venture in Russia
Ford Motor Company has said that it has completed its exit from the Sollers Ford joint venture (JV) in Russia with Sollers OJSC by selling its 49% stake.
The American automobile company said that its stake will be transferred to Sollers Ford for a minimal undisclosed value. It further stated that the company has the option to repurchase the stake within a duration of five years should there be a change in the global scenario.
Ford Motor fully suspended its operations in Russia since March 2022, which included manufacturing, supply of parts, IT, and engineering support.
Ford Motor Company exits Sollers Ford joint venture in Russia. Photo courtesy of Виталий Барсов/Wikipedia.org.
The Sollers Ford joint venture was formed in 2011 and has been handling the production, importing, and distributing of all Ford branded vehicles, accessories, and parts in Russia.