“Given the ongoing situation Ferrari has taken the decision to suspend the production of vehicles for the Russian market until further notice,” Ferrari said. “We continue to monitor the situation closely and will always respect all rules, regulations and sanctions,” it said.
Last week, the firm said its supply chains would not be affected because it does not import parts from either country. Ferrari also suggested Russia was a “small market.” It has just two dealerships in the country, both situated in Moscow.
Ferrari will also donate €1 million to support Ukrainians in need.
Ford has suspended its joint venture (JV) operations in Russia.
“While we don’t have significant operations in Ukraine, we do have a strong contingent of Ukrainian nationals working for Ford around the world,” the firm said in a statement.
“As part of the global community, Ford is deeply concerned about the invasion of Ukraine and the resulting threats to peace and stability.
“The situation has compelled us to reassess our operations in Russia. In recent years, Ford has significantly wound down its Russian operations, which now focus exclusively on commercial-van manufacturing and Russian sales through a minority interest in the Sollers Ford joint venture. Given the situation, we have today informed our JV partners that we are suspending our operations in Russia, effective immediately, until further notice.”
The company, which sold 21,000 vehicles in Russia last year, has a minority stake in truck builder Sollers and produced around 20,000 trucks in Russia last year.
General Motors has suspended some business in Russia, Reuters has reported. The American firm will stop all exports to the country, saying: “Our thoughts are with the people of Ukraine at this time. The loss of life is a tragedy, and our overriding concern is for the safety of people in the region.” The company sells around 3000 vehicles in Russia each year.