Ford teaming up with Russia’s Sollers carmaker
Ford Motor Co. is teaming up with Russian automaker Sollers to make and distribute cars in Russia, one of the fastest growing auto markets.
Under a deal announced Friday, Sollers will build Fords at Russian plants, helping boost a struggling local industry. Ford will have access to a huge market that could bolster its revenues.
Financial details weren’t disclosed, but the automakers said they will have equal stakes in their joint venture called Ford Sollers. Ford declined to give production or sales targets for the venture.
The announcement came shortly after Italian automaker Fiat SpA backed out of a potential partnership with the same Russian company. The unraveling of the Fiat Sollers venture gave Ford an opportunity to step in.
Ford and Sollers are expected to finalize their deal in June. The venture’s operations could start by year’s end.