Ford to quit Russian passenger car market

A finished Ford Focus is seen at a Ford Sollers, US carmaker Ford's joint venture with Russian partners, at a factory in Vsevolozhsk in the Leningrad region of Russia. File photo: REUTERS/IGOR RUSSAK

The move is part of a restructuring that will see Russia’s Sollers assume control of the venture, which is currently led by the US carmaker, the companies said on Wednesday. People walk near a factory of Ford Sollers, a joint venture of US carmaker Ford with Russian partners, in Vsevolozhsk, Leningrad Region, Russia. File photo: REUTERS/ANTON VAGANOV

Ford was the first international carmaker to launch vehicle assembly in Russia, opening a plant in St Petersburg in 2002. In 2011, it set up a joint venture with Sollers in which Ford and Sollers each hold a 50% stake, but Ford has controlled the business since buying up preferred shares.

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