Ford Sollers Joint Venture Starts Work Today in Russia; Announces Ford Explorer SUV to be Built in Tatarstan
- Ford Sollers – the new 50-50 joint venture in Russia between Ford Motor Company and Sollers OJSC – officially started operations today
- Alan Mulally, president and CEO, Ford Motor Company, and Vadim Shvetsov, CEO, Sollers OJSC, unveiled the latest version of the iconic Ford Explorer sports utility vehicle, which will be built in Russia starting in 2012
- Ted Cannis appointed president and CEO of Ford Sollers; Adil Shirinov appointed executive director and COO of Ford Sollers
- Ford Sollers to manufacture a range of Ford passenger cars and light commercial vehicles in the St. Petersburg region and in the Republic of Tatarstan, bringing more Ford vehicles to Russian customers
- Today's announcement follows the recent confirmation that Ford Sollers had secured a long-term financing loan of 36 billion roubles from Russia's Vnesheconombank
MOSCOW, Russian Federation, Oct. 1, 2011 – Ford Motor Company [NYSE: F] and Sollers OJSC announced today that Ford Sollers, their 50-50 joint venture in Russia, has started operations.
Alan Mulally, president and CEO, Ford Motor Company, and Vadim Shvetsov, CEO, Sollers OJSC, announced the formal commencement of the joint venture in Moscow today, just eight months after the two companies signed the initial memorandum of agreement.
“The Ford Sollers joint venture will help us accelerate our plan to offer a full lineup of world-class vehicles to Russian customers,” said Alan Mulally, Ford president and CEO, speaking in Moscow at today's announcement event. “This partnership marks another important step in our One Ford plan to profitably grow around the world.”
Added Vadim Shvetsov, CEO of Sollers: “For Sollers, this is an historic event. Our strategy has been to develop a partnership with a world class automotive player that can offer a full range of vehicles suitable for the Russian market. Ford is the partner we have been looking for to support this vision.
“We are certain this project will have a valuable impact on the Russian economy overall, and will further strengthen the Ford brand's position in the global auto industry.”
Mulally and Shvetsov used the occasion to announce that Ford Sollers will be producing the iconic Ford Explorer in the Republic of Tatarstan in Russia next year.
The all-new version of the Explorer – with major improvements in power with an output of 294PS, refinement and fuel economy – has been a popular seller since it was introduced in North America last year.
The Ford Explorer joins the new Ford Focus and Ford Mondeo, which are currently built in St. Petersburg, and the Ford Transit medium commercial vehicle, which also will be built in Tatarstan from 2012.
In addition to vehicle production, Ford Sollers will manufacture engines; operate a stamping facility that will provide a higher level of local parts content for Ford vehicles built in Russia; and establish research and development activities. It also will be responsible for the import and distribution of all Ford brand products, parts and accessories in Russia.
Today's announcement follows the recent confirmation that Ford Sollers had secured a long-term financing loan of 36 billion roubles from Russia's Vnesheconombank to help develop the Ford Sollers business.
The new Ford Sollers business will be headquartered in Khimki, Moscow Oblast, and will have three production sites; one in the Leningrad Oblast, and two in Tatarstan.
The Ford Sollers executive board also was announced at the inaugural event in Moscow. Ted Cannis is appointed president and CEO of Ford Sollers. Cannis has extensive experience as a leader at Ford around the world, including posts in the United States and South America. He was previously the deputy general manager at Ford Otosan, Ford’s joint venture in Turkey.
“I'm delighted to be leading the Ford Sollers team,” Cannis said. “We have a talented and experienced management team drawn from Ford’s global operations and Sollers, and an extremely capable work force in St. Petersburg, Tatarstan, and Moscow.
“Russia is set to become Europe's largest market for new vehicles by mid decade.This provides Ford Sollers, the Ford brand and our great dealer network with a huge growth opportunity. All of us at Ford Sollers will be dedicated to doing the very best for Ford customers in Russia and for our shareholders.”
Adil Shirinov is appointed executive director and chief operating officer of Ford Sollers. He was previously a commercial director of Sollers and general director of Sollers-Isuzu, where he was responsible for purchasing and localization for all the brands manufactured under license by Sollers. In addition, Shirinov was in charge of the production of commercial vehicles at the Sollers plant in Elabuga.
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About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 166,000 employees and about 70 plants worldwide, the company’s automotive brands include Ford
and Lincoln. The company provides financial services through Ford Motor Credit Company.
For more information regarding Ford’s products, please visit www.fordmotorcompany.com.
Within Ford Motor Company, Ford of Europe is responsible for producing, selling and servicing Ford brand vehicles in 51 individual markets, and employs approximately 66,000 employees. In addition to Ford Motor Credit Company, Ford of Europe operations include Ford Customer Service Division and 22 manufacturing facilities, including joint ventures. The first Ford cars were shipped to Europe in 1903 – the same year Ford Motor Company was founded. European production started in 1911
About Sollers
Sollers OJSC (www.sollers-auto.com) is one of Russia's leading automotive companies, engaged in the production, distribution and servicing of passenger cars and commercial vehicles under its own brands and in cooperation with international OEMs in Russia.
Sollers owns five automotive plants, engine production facility, Sollers-Finance Company, and a number of dealerships in Russia with more than 20,000 employees. In 2010, Sollers became the second largest Russian producer of passenger and light commercial vehicles, with total sales of 98,000 units.
Ford Sollers Holding Limited Liability Company, Leningradskaya Street,
Estate 39, Bldg. 5, Khimki, Moscow Region 141400, Russia
Telephone + 7 495 745 97 00 Facsimile + 7 495 777 85 38
www.fordsollers.com