Ford to quit Russian passenger car market
Job losses expected as joint venture with local partner Sollers is wound up
Moscow — Ford Motor Company’s Russian joint venture Ford Sollers will close two assembly plants and an engine factory in Russia, exiting the country’s passenger vehicle market. The move is part of a restructuring that will see Russia’s Sollers assume control of the venture, which is currently led by the US carmaker, the companies said on Wednesday. Industry sources said in March Ford was considering closing Russian plants as it was reviewing operations in unprofitable regions. The US carmaker said the closures would lead to “significant” job losses, without giving details. A restructured Ford Sollers will focus on commercial vehicles, while passenger vehicle production will cease by the end of June, the companies said.
“The new Ford Sollers structure supports Ford’s global redesign strategy to expand our leadership in commercial vehicles and to grow the business in Europe in those market segments that offer better returns on invested capital,” Steven Armstrong, Ford of Europe...
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