Ford Motor Co. (F) said that it has signed a memorandum of understanding on a significant restructuring of its Ford Sollers joint venture in Russia. Ford Sollers passenger vehicle production will cease by the end of June 2019, with the closure of vehicle assembly plants in Naberezhnye Chelny and St.
Source: www.rttnews.com
Ford Motor Co. (NYSE: F) has announced that it will be shutting down its passenger vehicle operations in Russia. The Company will be closing its vehicle assembly plants in Naberezhnye Chelny and St. Petersburg, and an engine plant in Elabuga by the end of June 2019. Ford has been running its Russian operations under the Ford Sollers joint venture. The move stemmed from underutilization of the Ford Sollers manufacturing plants and lower returns on investment due to slowdown in Russian passenger vehicle market.
