Ford Motor Co. says its Russian joint venture is cutting 950 jobs due to falling sales and the declining value of the ruble.
The automaker says that Ford Sollers will cut 700 jobs at its plant in St. Petersburg and an estimated 250 temporary employees in Tartarstan. The reductions affect about 19 percent of its 5,000-person workforce in Russia.
The Ford Sollers joint venture began operations in late 2011 and has grown from building two vehicle models in Russia to nine models.
The company said Wednesday that it still expects Russia to become Europe's largest auto market in the long run. But weaker demand for compact cars and the impact of the falling ruble against other currencies have hindered its business.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)