Ford to leave Russian car market, cede control in joint venture

MOSCOW - Ford Motor Co’s Russian joint venture Ford Sollers will close two assembly plants and an engine factory in Russia, exiting the country’s passenger vehicle market, resulting in charges of about $450 million to $500 million.

Industry sources told Reuters this month that Ford was considering closing Russian plants as it was reviewing operations in unprofitable regions. A restructured Ford Sollers will focus on commercial vehicles, while passenger vehicle production will cease by the end of June, the companies said. Sales of new cars in Russia are expected to rise 3.6 percent this year, marking a slowdown from last year, according to an estimate from the Association of European Businesses lobby group.

'Very nice you build factories in mother Russia' Vlad told Mr. Ford. 'I have take ownership now. You go.'

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Ford to exit Russian passenger car market, cede control in JVFord Motor Co's Russian joint venture Ford Sollers will close two assembly ... Yayayayya All America car manufactures shoupd Leave Russia
La source: Reuters - 🏆 2. / 97 Lire la suite »

Ford names Amazon and Snap veteran Tim Stone as new CFO, continuing the company's push closer to Silicon ValleyTim Stone's hiring continues CEO Jim Hackett's drive to push Ford closer to Silicon Valley. Stone had worked at Amazon and Snap. Oh no $F
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »