According to foreign media reports, on March 1, local time, Ford Motor said that it will suspend business in Russia. Ford also joined the ranks of companies suspending operations in Russia following escalating tensions in Russia and Ukraine.

　　According to a statement, Ford told its joint venture partners that it would cease operations in Russia immediately. Ford said it was already winding down its Russian operations before that. Currently, Ford has a minority stake in the Sollers Ford joint venture, which manufactures and sells commercial vans primarily in Russia.

　　"We are deeply concerned for the safety of the Ukrainian people," said Ford CEO Jim Farley on Twitter. Ford does not have a substantial presence in Ukraine and plans to donate to the Global Giving Ukraine Relief Fund.

　　Ford's decision joins the ranks of companies pulling out of the Russian market or suspending operations in Russia, including General Motors, Harley-Davidson, oil major BP Plc, Shell and Apple, among others.

　　(Image credit: Ford)

　　Ford's Russia business is small and has been downsizing for the past three years. Last year, Ford sold just 22,000 vehicles (including Ford-branded vehicles made by an affiliate) in Russia, regulatory filings show.

　　Ford, once a market leader in Russia, said in 2019 that it would close three plants in Russia and exit the Russian auto market as part of a move to restructure its loss-making European operations. Ford's decision comes as a slowing economy and Western sanctions dim the outlook for Russia, long seen by many automakers as a key growth market.

　　Russia has never been a big market for U.S. automakers. Of these, GM sold just 3,000 vehicles in Russia, most of which were Cadillac luxury SUVs. GM closed its St. Petersburg plant in 2015 while scrutinizing the under-performing business, keeping a small retail footprint of expensive models. At the time, Ford was trying to expand its presence in Russia, only to see sanctions and an economic slowdown hit auto sales.

　　This article is reproduced from Gasgoo