Ford Sells 49 Percent of Shares in Russia Exit

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.