Mercedes-Benz and Ford Motors have both officially announced their exit from the Russian market on October 26. News agency Reuters reported that both companies will sell their stake in their industrial and financial services divisions to a local investor. The shares of Mercedes-Benz are being sold to vehicle dealer network Avtodom.
As a result of the ongoing geo-political situation between Russia and Ukraine, Mercedes Benz had halted production in Russia from early March. Despite market difficulties, the German brand sold 9,558 vehicles in Russia from January to September - a 72.8 percent reduction from the comparable period of previous year, data available with Association of European Businesses (AEB) has revealed.
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