• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Ford Completes Its Withdrawal From Russia

U.S. automaker Ford has completed its withdrawal from the Russian market with the sale of its 49 percent stake in the Russian-based Sollers Ford joint venture.

Ford said on October 26 that it had finalized the deal to sell its stake in Sollers Ford for a "nominal" undisclosed price.

Ford secured an option to buy back the shares within a five-year period "should the global situation" change in the coming years, the company said. The joint venture with Russian company Sollers was established in 2011.

Ford suspended its business operations in Russia in March citing deep concerns about Moscow's invasion of Ukraine. At the time, Ford took a $122 million write-down in connected with the suspension while stressing that it had already greatly reduced its presence in Russia.

A slew of foreign automakers have halted operations in Russia or exited entirely.

Earlier on October 26, German luxury carmaker Mercedes-Benz said it would exit Russia by selling shares in its industrial and financial services subsidiaries to a local investor.


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News