Posted on 10/29/2022 7:43:38 AM PDT by UMCRevMom@aol.com
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.
They all but exited Europe as a whole because lemons don’t sell well.
They may have "pulled out" of Russia, but will they be opening any plants in the USA? Of course not.
You know better than that. They will take the loss. ;)
“They all but exited Europe as a whole because lemons don’t sell well.”
Ever been to Europe? The vehicle you will see more than any other are Ford Transit vans.
Every little bit counts! Good news.
Where did you get those numbers from??
Before the 2008 crisis Ford used to sell more cars in Russia than in the US.
You won’t see a lot except commercial vams. The rest used to be a big thing but gone. They were only making Transits in Russia as well lately. 15 years ago used to be the nber one brand in Russia selling more cars compared to the US there.
Quick search on Google.👍
That may be. I just checked the last year’s numbers.
Quality is Job 1 and Russians produce junk. Ford had to leave. Oh, wait.
Piece of tin, piece of board, put it together and you got a ..?
LOL!!
Ford: F***ed Up Repaired Dodge
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