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Ford to exit Russian passenger car market, cede control in JV

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Ford Motor Co's Russian joint venture Ford Sollers will close two assembly ...

FILE PHOTO: Employees make a final check of a Ford Focus at a Ford Sollers, U.S. carmaker Ford's joint venture with Russian partners, factory in Vsevolozhsk, Leningrad region, Russia July 7, 2015. Picture taken July 7, 2015. REUTERS/Igor Russak/File Photo

The move is part of a restructuring that will see Russia’s Sollers assume control of the venture, which is currently led by the U.S. automaker, the companies said in a statement on Wednesday. “The new Ford Sollers structure supports Ford’s global redesign strategy to expand our leadership in commercial vehicles and to grow the business in Europe in those market segments that offer better returns on invested capital,” Steven Armstrong, president, Ford of Europe, said in the statement.

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