Ford Motor Co's Russian joint venture Ford Sollers will close two assembly ...
MOSCOW - Ford Motor Co’s Russian joint venture Ford Sollers will close two assembly plants and an engine factory in Russia, exiting the country’s passenger vehicle market, resulting in charges of about $450 million to $500 million.
Industry sources told Reuters this month that Ford was considering closing Russian plants as it was reviewing operations in unprofitable regions. A restructured Ford Sollers will focus on commercial vehicles, while passenger vehicle production will cease by the end of June, the companies said. Sales of new cars in Russia are expected to rise 3.6 percent this year, marking a slowdown from last year, according to an estimate from the Association of European Businesses lobby group.
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