Ford has confirmed its withdrawal from the Russian market through the sale of its 49% share in a joint venture with Sollers for a nominal fee.
The share transfer is subject to a five-year buyback option. This would allow Ford to re-enter the joint venture “should the global situation change”, the firm said in a statement.
The news follows Ford’s suspension of its Russian businesses in March after Russia's invasion of Ukraine.
The Ford Sollers joint venture, established in October 2011, produced models such as the soon to be discontinued Ford Fiesta and Ford Focus, as well as the Ford Transit, across three Russian factories.
