Mercedes-Benz and Ford are the latest manufacturers to confirm their exit from Russia amid the ongoing war in Ukraine.
The three-pointed star revealed the news via its Chief Financial Officer Harald Wilhelm during a presentation detailing its third-quarter results.
Reuters reports that Mercedes is selling its shares in industrial and financial service firms to Avtodom; a car dealer chain owned by a Russian investor. The carmaker had already ceased producing cars in Russia back in March.
“Final completion of the transaction is subject to the authority’s approval and the implementation of contractually agreed conditions,” Wilhelm said.
“The main priorities in agreeing to the terms of the transaction were to maximize the fulfillment of obligations to clients from Russia both in terms of after-sales services and financial services, as well as preserving jobs of employees at the Russian divisions of the company,” said Mercedes-Benz Russia CEO Natalia Koroleva.
Ford announced its exit from Russia on the same day, with the decision seemingly hinging on finalising a deal for its 49% stake of its Russia-based Sollers Ford joint venture.
As part of the deal, the clause exists for Ford to buy back its shares in the firm within the next five years “should the global situation change”.
Like Mercedes, Ford suspended its operations in Russia back in March.
The news sees Mercedes and Ford join the likes of Toyota, Volkswagen, Nissan, and Renault in departing the embattled country. Mazda and Kia have also been linked to a potential Russian exit.
