Ford Exits Russia Via Sale Of JV Stake

  • 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 ReadToyota 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
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