Ford Sollers, Ford Motor Company's Russian venture, has opened a $275 million engine plant in the eurasian country in an effort to defray production costs in the market of that region.
The company aims to spend 60 percent car production costs in Russia by 2020 in order to qualify for lower import duties on car components, Reuters reports.
"Our main target in line with our long-term localization strategy was to launch engine production with a significant level of localization," Ford Sollers' Chief Operating Officer Adil Shirinov told the site.
"We are fully committed to this strategy which is key for our business in the current environment."
In recent years, Ford has focused a substantial amount of its expansion efforts on new markets in Europe. A bulk of the car producer's profits originate from the region.
The staple American brand has also seen some of its biggest expansion in the Asia-Pacific region, as it made approximately $192 million in that geographic area.
Last month Ford announced plans to begin a toxic paint sludge cleanup in Ramapo, N.J. with oversight from the state Department of Environmental Conservation.
The toxic waste, which was buried illegally several decades ago along the area's Torne Valley Road, originated from the company's auto assembly plant in Mahwah. The automotive giant plans to rebrand its image and promote its dedication to environmental protection with the cleanup plans.
"There was waste disposed of by contractors. They were supposed to go to designated areas, but sometimes they got into the places they shouldn't have," Ford spokesman Jon Holt told Lohud.
"We've been doing investigation to make sure we locate them and address them. We're working with the DEC and making sure that happens."
The company was founded in 1903 in Dearborn, Michigan.
