Business Maverick: Ford Sells Stake in Russia Business, Joining Carmaker Exodus

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 84%

United States News News

United States United States Latest News,United States United States Headlines

Ford Motor Co. sold its 49% stake in the Sollers Ford joint venture, finalizing its exit from Russia after suspending operations in the country earlier this year after Moscow’s invasion of Ukraine.

Ford’s business in Russia is small and has been downsized over the past three years. There were just 22,000 of its vehicles — including Ford-branded automobiles produced by an unconsolidated affiliate — sold there last year, according to regulatory filings.

“We at Ford are deeply concerned about the invasion of Ukraine by Russia and the safety of the Ukrainian people,” Chief Executive Officer Jim Farley wrote on Twitter in March.The Dearborn, Michigan-based automaker had said in 2019 it was closing three factories in Russia, pulling out of a car market where it was once a pioneer as part of a broader overhaul of its money-losing European operations.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines