Ford Is the Latest Automaker to Exit Russia

Photo: Justin Sullivan (Getty Images)

Ford is the latest automaker added to the the growing list of companies exiting Russia. Reuters said Wednesday that the Blue Oval is finalized with a joint venture in Russia called Sollers Ford — selling 49 percent of its shares. The cost of those shares has said to be at a “nominal value.”

The move follows Ford’s announcement of a full suspension of its operations in Russia, back in March of this year, after the country invaded Ukraine.

This may not be a permanent change for Ford. The automaker says they still have the option to buy the shares back within a five year period if – and only if “the global situation change[s].”

We reported earlier today that Mercedes-Benz will also be pulling out of Russia. Mercedes-Benz and Ford join Volkswagen, Toyota, Nissan and Renault in leaving Russia. Meanwhile, automakers such as Mazda and Hyundai/Kia remain, but the two are also said to be mulling over leaving the country as well.

It’s been a busy day for Ford, which earlier officially announced it was killing off the much-loved Fiesta subcompact around the world.