Loading ...In the light of ruble tumbling down to historical lows, Ford plans to significantly increase the export of the car parts produced in Russia to Europe as a way to play on ruble’s gloomy state.Russia’s Vedomosti interviewed Hau Thai-Tang, Ford’s Vice President of Global Purchasing, who shared the company’s plans to expand their production business in Russia. Russian national currency has lost over half of its value since 2014, making the country highly unattractive for foreign import from euro and dollar countries. Even though Thai-Tang didn’t reveal the details, he said that the number of the Russian-based Ford (NYSE: F) suppliers will dramatically increase from 3 to somewhere between 15 and 20. In addition to that, due to the ruble’s low value, the profits from exporting car parts produced in Russia to Europe are expected to grow more than 10 times, an anonymous source close to the company told Vedomosti.
Read more at https://en.insider.pro/economics/2016-09-08/ford-take-advantage-cheap-ruble/