Saturday, March 26, 2011

Ford is planning a team with Sollers in Russia

NEW YORK - Ford Motor Co. plans to make a team with a Russian automaker and distribute cars in the country. The announcement came shortly after the Italian automaker Fiat SpA of a potential partnership with the same Russian company secured.

Fiat and Russian automaker Sollers had to produce signed a memorandum of understanding last year by up to 500 000 vehicles per year in Russia in a bid, it the second largest car manufacturer. The two companies said in a joint statement Friday, you would "independent policies." Fiat has U.S. automaker Chrysler.

Fiat Ford and Sollers known after the announcement given you a memorandum of understanding was signed. The company said equal stakes Russian joint venture Ford called Sollers.

Local plants in the region of St. Petersburg and the Tatarstan make Ford passenger cars and light commercial vehicles and engines. The venture is a stamping facility that provides to create local parts for Ford vehicles manufactured in Russia research and development activities and available import and Ford products to distribute parts and accessories in Russia. Financial terms of the deal were not disclosed.

The joint venture which is expected to start operations until year-end, help to strengthen Russia's car industry and their local supplies of Europe, said base, Stephen Odell, Chairman and CEO of Ford in the statement.

Russia poured millions rubles in its stagnant domestic automotive industry over the last decade in an attempt to revive it. Last year the Government announced that the Russian automotive industry in partnership with global players would survive.

Fiat's proposed partnership with Sollers had a major joint venture, with Prime Minister Vladimir Putin, the supervision of a high profile ceremony in February, the potential deal announced the seen. But the joint venture was in a financial limbo for months after VEB, a Russian State bank was expected, the automakers give a euro2. 1 billion ($2.85 billion) loan, said in December the Fiat and Sollers had provided not enough documents to support the application for the loan.

Untangling the Fiat Sollers gave Ford joint venture opportunity in step. The Dearborn, Michigan, company cars in Russia started in 2002 and is committed as many car companies demand improved as expansion.

While domestic car companies in Russia have fought, the market was even strength gains. Russia car sales rose 30% last year to the Moscow-based Association of European businesses. Nine of the 10 best-selling models were produced locally, while Ford focus in the top five of the best selling was.

Fishing for more of the Russian market is not the only car manufacturer. General Motors co. increased its turnover 12.4 percent in Russia last year. Russia's largest automaker, AvtoVAZ, is partly owned by the French Renault SA.

Just last week reports noted that Toyota Motor Corp. would work with Sollers to increase their car production in Russia. News reports said Toyota would use Sollers existing factory in the Russian Far East port city of Vladivostok to produce cars and possibly sport utility vehicles. Japanese company Mitsui and co. to join Toyota in the Russian project are.

A Toyota spokeswoman said that nothing had been decided.

Meanwhile, Fiat will maintain a presence in Russia. Sollers has a license to produce Fiat vehicles, including Assembly of the Fiat Ducato of light commercial vehicle that is insensitive to end the joint venture. Fiat says it plans that continue expansion of its in Naberezhnye Chelny, East of Moscow in Tatarstan.

© 2011 Associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed are.

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