FORD TO EXIT RUSSIAN PASSENGER CAR MARKET; STOCK FALLS
Ford Motor Co’s stock is currently trading at 8.64-lower by 1.25% as compared to the previous closing price.
The U.S. carmaker’s Russian joint venture Ford Sollers will close two assembly plants and an engine factory in Russia, resulting in charges of about $450 million to $500 million, according to announcements on Wednesday.
The companies said that the move is part of a restructuring that will see Russia’s Sollers assume control of the venture, which is currently led by Ford Motor.
Ford said the closures would lead to “significant” job losses, along with the closure of assembly plants in Naberezhnye Chelny and St. Petersburg, and an engine plant in Elabuga.
The U.S. carmaker also has been negotiating to expand a commercial vehicle and pickup truck alliance with Germany’s Volkswagen, with investors, focused on potential partnerships around the development of electric and self-driving vehicles.
On the technical front, the RSI is currently at 51.24% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 8.69 TAKE PROFIT AT 8.59 STOP LOSS AT 8.74