GM suspends vehicle exports to Russia
Automaker says its 'thoughts are with the people of Ukraine'
General Motors has suspended vehicle exports to Russia until further notice, the automaker told FOX Business on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 55.49 | +0.70 | +1.29% |
"Our thoughts are with the people of Ukraine at this time," the automaker said in a statement.
"The loss of life is a tragedy and our overriding concern is for the safety of the people in the region."
It did not otherwise comment on the actions taken by the Putin regime.
GM sells Chevrolet and Cadillac products in Russia. (Google Earth)
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GM no longer manufactures any vehicles in the country after divesting itself of a joint venture with Russian automaker AvtoVAZ in 2019, but has a sales operation that imports about 3,000 cars per year, according to Reuters.
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The company said it is working to safeguard its staff in Russia as it analyses the implications the sanctions will have on the business.
"We continue to monitor developments ant take action to implement mitigation strategies as appropriate."
GM's local sales outlets are often located within multi-brand auto groups. (Google Earth)
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.13 | +0.03 | +0.27% |
Ford has not yet responded to a request from FOX Business on the status of its operations in Russia, where it is part of a joint venture operation called Ford Sollers.