- Ford Motor Co F has finalized the exit of its previously suspended operations in Russia by selling its 49% share in the Sollers Ford Joint Venture.
- Ford shares will be transferred to the Joint Venture for a nominal value. The financial terms were not disclosed.
- Ford retains the option to repurchase the shares within 5 years, should the global situation change.
- The automaker had previously suspended Russian operations after the country invaded Ukraine. The operations pause in March included manufacturing, supply of parts, IT, and engineering support.
- Mercedes-Benz Group ADR MBGYY revealed its exit from the Russian market by selling shares in its industrial and financial services subsidiaries to a local investor.
- Major automakers have been facing issues with the supply chain due to sanctions imposed on Russia.
- Also Read: Toyota Launches Second Model In Its bZ Series
- Price Action: F shares are trading higher by 0.56% at $12.90 on the last check Wednesday.
- Photo Via Company
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.