Manufacturers Worry Ukraine Crisis Could Hurt Auto Sales

Russia’s annexation of the Ukrainian territory of Crimea is causing concern among a wide variety of automakers including Ford, General Motors, Renault and others.

According to a report by Bloomberg, 2.78 million vehicles were sold in Russia in 2013 compared to 2.95 million in Germany and 2.26 million in the U.K., making it a very important market.

Ford Europe Director Stephen Odell says it’s too early to jump to conclusions but still voiced concern:

"The latest situation is very volatile and we are closely monitoring it," Odell said at the Geneva Motor Show.

Ford has a plant in Saint Petersburg that makes the Mondeo and is about to start production of the EcoSport SUV and Edge crossover in the country this year. GM also has a factory in Saint Petersburg.

Renault’s chief performance officer Jerome Stoll similarly voiced concern to reporters about the situation:

"In Russia we have a lot of economic and financial interests," Stoll, said. "Our localization rate is already very high; we are close to 80 percent to 85 percent, so we are not too worried by the devaluation. The main issue is the evolving political situation."