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

Ford Sollers Yelabuga signed SPIC for Ford Transit production in Russia

7 June 2019, Friday

OOO Ford Sollers Yelabuga, based on which the updated Ford Sollers joint venture in Russia is being created, has signed a special investment contract (SPIC) with the Ministry of Industry and Trade of the Russian Federation to develop the production of the Ford Transit line in Russia.

The SPIC signing ceremony was held within the framework of the St. Petersburg International Economic Forum on June 7, 2019. The ceremony was attended by Tatarstan President Rustam Minnikhanov, Minister of Industry and Trade of Russia Denis Manturov, Chairman of Ford of Europe at Ford Motor Company Steven Armstrong, and Director General of Sollers Vadim Shvetsov.

The SPIC, signed by Ford Sollers Yelabuga in a consortium with the Ulyanovsk Automobile Plant, provides for significant investment in future production and localisation of the Ford Transit line in Russia and will allow the company to retain all key government support measures for the project for the long term until 2028.

In March 2019, shareholders of the JV Ford Sollers – Ford Motor Company and Sollers – announced a restructuring of the joint venture, whose activities in the future will focus on the segment of light commercial vehicles. In the new Ford Sollers structure, shareholders of the Ford Motor Company and Sollers remain partners, while Sollers will hold a 51% share in the JV’s authorised capital.

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