American car manufacturer Ford Motor Co. announced on Wednesday that it has sold 49% of the shares of the Sollers Ford joint venture, which marks the end of the process of exiting the Russian market, according to Bloomberg, which is cited by Agerpres.

A Ford representative said that 49% of Sollers Ford shares will be transferred in exchange for one euro, but the American group will retain the option to buy back the shares within five years “if the global situation changes”.

Ford has already suspended its operations in Russia due to the invasion of Ukraine. The American manufacturer’s decision to leave Russia follows similar decisions announced by competitors Toyota Motor Corp., Nissan Motor Co. and Mercedes Benz AG.

Ford’s business in Russia is small and has been gradually shrinking over the past three years. According to official data, only 22,000 Ford cars were sold on the Russian market last year, this figure also includes Ford cars produced by subsidiary companies.

In 2019, the US group said it had decided to close three of its factories in Russia, exiting the market it once pioneered, as part of a wider restructuring process of its loss-making European operations. The decision came as a slowing economy and Western sanctions dimmed the outlook for a market that many builders once considered key to their growth plans.

In March, car manufacturer Ford handed over ownership of the Craiova plant to its partner Ford Otosan, Europe’s largest commercial vehicle manufacturer, subject to regulatory approval and consultation. Ford and Ford Otosan expect to complete the ownership transfer process in the third quarter of 2022.

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