Sollers
The agreement was signed by Stephen Odell, Chairman of the Board of Directors and Executive Director of Ford of Europe, and Vadim Shvetsov, General Director of Sollers OJSC, in the presence of the Chairman of the Government of the Russian Federation Vladimir Putin. Ford and Sollers also signed a memorandum of intent with Vnesheconombank, according to which a 39 billion rubles credit line will be provided to the future Ford Sollers JV.
“This is a historic day for the Ford brand in Russia,” said Stephen Odell. “Together with our partner Sollers, we have created a new Ford Sollers business that will provide Russian Ford customers with an even wider choice of cars and high quality service.” He also said that by 2015 Russia will become the largest European automobile market, which opens up great opportunities for Ford, and the creation of a joint venture will positively affect the development of the Russian automobile industry as a whole. According to Vadim Shvetsov, the companies are confident that joint efforts to develop production capacities, launch new models and localize them will ensure a successful strategy and leadership position for the future joint venture in the Russian market.
The joint venture between Ford and Sollers includes the production sites of companies in Vsevolozhsk (Leningrad Region), as well as in the city of Naberezhnye Chelny and in the territory of the special economic zone Alabuga (Republic of Tatarstan), where Ford passenger and light commercial vehicles will be produced. The companies confirmed that along with the new Ford products, the joint venture will also produce Ford Transit. Also Ford Sollers will
