The renowned US automaker Ford Motor on Wednesday has made an announcement that it has finalized a complete exit from Moscow with the sale of its minority stake in a Russia region-based joint venture.
Ford was among a number of the foreign automaker to suspend operations in Russia in March following President Vladimir Putin ordered his army to invade Ukraine eight months ago.
Ford was among several foreign automakers to suspend production and other operations in Moscow in March after President Vladimir Putin ordered his army to invade Ukraine eight months ago. German carmaker Mercedez-Benz made an announcement of decision to sell its Russian assets to a regional investor back on Wednesday.
Ford added in a statement that it has finalized a deal to sell its 49% stake in the Sollers Ford joint venture, which was earlier set up in 2011, for a “nominal value.”
“Should the global situation change,” Ford said that it has retained the chance to buy back its shares within the coming five years.
As per the auto industry website, “unlike its rivals, Ford is unlikely to go with the buyback because of its moves to wind down operations in Russia earlier to the Ukraine war.”
Ford had made an announcement in 2019 that it would cease production of all passenger cars and close two assembly plants along with an engine factory in Russia after years of losses.
Hundreds of Western companies have left Russia since the Feb. 24 invasion, with Russia’s technology and car manufacturing sectors particularly hit by Western sanctions and international supply chain disruptions.