US-based Ford Motor Company has announced that it finalized the sale of its suspended operations in Russia. According to the statement, Ford will transfer its 49 percent share in its joint venture Sollers Ford for a nominal undisclosed price and will retain the right to acquire shares back within five years.
German car maker Mercedes has followed Ford in exiting the Russian market, selling shares in its subsidiaries to a local investor, SteelOrbis understands.
As SteelOrbis reported previously, in early March this year Ford had suspended all operations in Russia, including manufacturing, parts supply, IT and engineering support following Russia’s invasion of Ukraine.