Ministries of the Republic of Tatarstan Ministry of Industry and Trade of the Republic of Tatarstan

Ford Sollers announced restructuring

27 March 2019, Wednesday

Ford Sollers announced restructuring: the company leaves the car market and focus on the light commercial vehicles segment.

Shareholders of the Ford Sollers joint venture, Ford Motor Company and PAO Sollers, reached an agreement and signed a Protocol of Intent on the restructuring of the joint venture, whose future activities will focus on the LCV segment. The new business structure will allow the company to strengthen its position and increase sales of Ford Transit, the production of which will continue at the plant in the SEZ Alabuga (Tatarstan). Over the past three years, Ford Transit sales grew by more than 200%, which allowed the model to become a segment leader among foreign brands.

The Letter of Intent was signed after a revision of the JV's strategy by its shareholders, Ford and Sollers. The objective of the changes is the need to return to the company's profitability in the short term and increase the investment efficiency against the background of difficult market situation. Discussions between shareholders continue and final agreements will be reached in the coming months.

Ford Sollers JV is responsible for the Russian production of Ford vehicles, the imports and sales of all Ford products including automotive vehicles, their parts and accessories on the Russian market. The Ford Sollers joint venture comprised production sites in Vsevolozhsk (Leningradsky Oblast), in Naberezhnye Chelny and in the Alabuga Special Economic Zone (Republic of Tatarstan).

Based on information by Ford Sollers press service

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