Ford Motor Company (F - Free Report) intends to sell its idle plants in Russia and is looking for potential buyers, per Reuters. Notably, in March, the company announced its plan to exit the passenger vehicles market in Russia.
In fact, Ford Sollers, the Russian joint venture of Ford, announced to close two assembly plants and an engine factory in Russia.
The company’s move has been in sync with its strategy of restructuring operations in regions, where it is not generating profits. In recent times, Ford incurred losses in all regions outside North America. This also prompted the Dearborn, MI-based company to close vehicle lines in South America, opt for production cuts in Europe and lay off workers in China. (Read more: Ford to Close Two Plants in Russia as Losses Increase)
Soon Ford is slated to close its car plants in Naberezhnye Chelny and Vsevolozhsk near St. Petersburg, and an engine plant in Elabug. The company’s passenger-vehicle production in Russia is likely to cease by the end of June.
In the past three months, shares of Ford have outperformed the industry it belongs to. Over this time frame, the stock has gained 13.4% against the industry’s decline of 8.3%.
Ford currently has a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are CarMax, Inc. (KMX - Free Report) , Fox Factory Holding Corp. (FOXF - Free Report) and Cummins Inc. (CMI - Free Report) , each presently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CarMax has an expected long-term growth rate of 12.2%. Over the past three months, shares of the company have gained 34.2%.
Fox Factory has an expected long-term growth rate of 16.4%. Over the past three months, shares of the company have gained 6.1%.
Cummins has an expected long-term growth rate of 8%. Over the past three months, shares of the company have gained 2.5%.
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