The Business Times

Ford to exit Russia after joint venture stake sale

Published Wed, Oct 26, 2022 · 10:50 PM

FORD Motor said on Wednesday (Oct 26) it would exit Russia, after the US automaker finalised a deal to sell its 49 per cent stake in the Sollers Ford joint venture.

“Ford shares will be transferred to the Joint Venture for a nominal value,” the company said, adding that it retains the option to buy them back within a 5-year period “should the global situation change”.

The company had announced a full suspension of its operations in Russia in March.

Ford follows US firms including Cisco Systems and Nike in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there. REUTERS

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