Ford: exits passenger car market in Russia
(CercleFinance.com) - US auto giant Ford said on Wednesday that it will restructure its Russian joint venture, exiting the passenger car market in Russia.
In a statement, Ford said the Russian passenger car market has been under "significant pressure" in recent years, with recovery slower than expected, with a shift to lower priced vehicles.
Under the new structure, local partner Sollers PJSC will hold a 51% stake in the restructured joint venture.
As part of the planned restructuring action, the joint venture's passenger car production will cease by the end of June 2019, with the closure of assembly plants in Naberezhnye Chelny and St. Petersburg, along with an engine plant in Elabuga.
The joint venture will now focus on commercial vehicles, such as the Transit, Ford said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a statement, Ford said the Russian passenger car market has been under "significant pressure" in recent years, with recovery slower than expected, with a shift to lower priced vehicles.
Under the new structure, local partner Sollers PJSC will hold a 51% stake in the restructured joint venture.
As part of the planned restructuring action, the joint venture's passenger car production will cease by the end of June 2019, with the closure of assembly plants in Naberezhnye Chelny and St. Petersburg, along with an engine plant in Elabuga.
The joint venture will now focus on commercial vehicles, such as the Transit, Ford said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.