Ford to shut three factories, stop making passenger cars in Russia

US carmaker Ford will close three of the four factories of its Russian joint venture after deciding to stop making passenger cars in a country where car sales have slumped in recent years, the company said Wednesday.

Ford said in a statement that it has signed a preliminary agreement with its local partner Sollers on "a significant restructuring of its... joint venture in Russia, focusing exclusively on growing its commercial vehicle business moving forward."
Ford said that the "Russian passenger vehicle market has been under significant pressure in recent years, with recovery slower than expected and a shift to lower priced passenger vehicle segments."