This week, the Ford Motor Company has announced that it has sold its stake in ‘Sollers Ford’, ultimately ending the company’s presence in Russia, after 11 years running the joint venture with Sollers. Ford sold its 49% share in the joint venture for a “nominal value,” with the option to buy back the share if the situation change.
Back in 2011, Ford and Sollers founded a joint venture together to help streamline the production of cars in Russia. The company had three plants in operation over the 11 years it was in business, producing the Ford Transit, Ford Focus, Fiesta and the Aurus Senat.
Ford said that “Should the global situation change,” it would buy back the shares within the next five years, something very similar to what McDonalds has done with Vkusno i tochka. The US fast food chain sold all of its 800 locations to the new company, but with clause that it could choose to buy them back within 15 years, if it so wished.
Since the breakout of the Russian invasion on Ukraine on 24th February 2022, many companies that have operations in Russia have ceased operations, including McDonalds, Apple, Coca-Cola and many, many more.