Unlike many auto-giants, Ford Motor Company (F) has been looking to capture and grow in the “burgeoning” Russian market, or at least the company thinks so. Well, when I say burgeoning, I might offend many an industry experts. The analysts are of the view that the company’s move to enter the Russian market would go in vain. This is because the market has not shown much growth for past some years now and the collapsing automotive sales have become a big issue now. Added to that, the strict communist administration makes it even difficult for the foreign companies to grow in the country. In spite of the fact, the Ford Motor Company is optimistic about its foray into Russia. The company officials say that they have confidence in the Russian market.
Here’s what the CEO of the Ford-Sollers, Ted Cannis had to say about the company’s move, “while in the short term, Russia remains an extremely volatile and challenging market, we believe the market likely has significant potential in the longer term." Ford released the statement today as the automaker started production of its latest-generation Mondeo midsize car at the joint venture's St. Petersburg factory, the first of at least four new models the company plans to launch in Russia this year. Continue Reading »