MOSCOW, Russian Federation, June 7, 2019 – Ford Sollers Elabuga LLC, on which basis a restructured joint venture Ford Sollers in Russia to be launched, has signed SPIC with Ministry of Industry and Trade of the Russian Federation for further production increase and localization of the Ford Transit line-up in Russia.
A special signing ceremony was held today at Petersburg International Economic Forum, with Denis Manturov, Minister of Industry and Trade of the Russian Federation, Steven Armstrong, chairman, Ford of Europe, and Vadim Shvetsov, general director Sollers PJSC, attending the ceremony.
SPIC, signed in consortium with UAZ, covers significant investments in the further production increase and localization of Ford Transit line-up in Russia; and will allow the company to maintain all key aspects of the governmental support up to 2028.
“The SPIC signing is an important step in the preparations to launch our restructured Ford Sollers joint venture business in Russia,” said Steven Armstrong. “Our commitment to develop the Ford Transit business, together with the continuing support of the Government of the Russian Federation, will help us to deliver commercial vehicle leadership in Russia.”
“Ford Transit is one of the key leaders in the Russian commercial vehicle market, and the SPIC opens additional opportunities to grow its share, and to provide a solid basis for the creation of a strong and profitable new Ford Sollers joint venture business,” said Vadim Shvetsov, general director, Sollers PJSC.
As announced earlier in March, the shareholders of joint venture Ford Sollers – Ford Motor Company and Sollers PJSC – have decided to restructure the joint venture to focus solely on the commercial vehicle segment of the Russian new vehicle market. The new business structure will allow Ford Sollers to strengthen its market position and increase sales of the Ford Transit, production of which continues in SEZ “Alabuga” (Elabuga, Tatarstan). Under the terms of the restructured joint venture, Ford and Sollers PJSC will continue their partnership with Sollers PJSC taking a 51% controlling interest.