Although Ford is raising vehicle prices in Russia, it has also just said that it will reduce interest rates applying to car loans.
Ford has launched a programme under which interest rates on car loans for its Focus and Mondeo models will be cut by an amount equal to two thirds of the Central Bank of Russia’s (CBR) refinancing rate, Nigel Brackenbury, Ford’s local manager has said.
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The program will be in effect until June 30, he said.
Ford said earlier this month that it will raise car prices in Russia by between 9% and 25% starting May 1.
Further increases were necessary because of the devaluation of the rouble in recent months and the impact that has had on imported cars and components for Ford’s manufacturing plant at St Petersburg.
Ford has already announced several price hikes in Russia this year. Ford raised car prices in Russia by 5% starting January 1, by 4.5% starting February 1, and by 5% starting April 1.
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