This was reported by Reuters, Ukrinform reports.

The announcement comes after the company finalized an agreement to sell its 49% stake in its Russian joint venture Sollers Ford at an undisclosed “nominal” price.

At the same time, the American company retains the option to buy it again in 5 years, “if the situation in the world changes.”

Ford wrote a loss of $122 million in relation to the suspension of its operations in Russia earlier this year, but will not write additional losses in connection with Wednesday’s announcement of a final withdrawal from the Russian Federation.

According to analysts’ estimates, in 2021 Ford sold about 20,000 cars in Russia. In March, the company announced the suspension of operations in the Russian Federation after its extensive invasion of Ukraine.

As reported by Ukrinform, German automaker Mercedes-Benz announced its departure from Russia and announced the sale of its shares in local subsidiaries of the Avtodom dealer holding.

Photo: DPA