Ford Exits Russia Via Sale Of JV Stake

Ford Motor Co F has finalized the exit of its previously suspended operations in Russia by selling its 49% share in the Sollers Ford Joint Venture.
Ford shares will be transferred to the Joint Venture for a nominal value. The financial terms were not disclosed.
Ford retains the option to repurchase the shares within 5 years, should the global situation change.
The automaker had previously suspended Russian operations after the country invaded Ukraine. The operations pause in March included manufacturing, supply of parts, IT, and engineering support.
Mercedes-Benz Group ADR MBGYY revealed its exit from the Russian market by selling shares in its industrial and financial services subsidiaries to a local investor.
Major automakers have been facing issues with the supply chain due to sanctions imposed on Russia.
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Price Action: F shares are trading higher by 0.56% at $12.90 on the last check Wednesday.
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