FRANKFURT (Reuters) -- Ford's Chief Financial Officer Bob Shanks expects that Russia will continue to weigh on the automaker this year as the country's economy slumps and Japanese rivals aggressively cut prices, helped by the weak yen.
Ford and rival Western automakers have seen their profits and vehicle sales slide in Russia because of the country's struggling economy and the decline of the ruble.
"[This year] does not look good," Shanks told German business newspaper Handelsblatt in an interview published today.
Shanks told Handelsblatt that Ford has lost market share in Russia as "a number of competitors have aggressively cut their prices."
Japanese carmakers were able to cut prices on the back of the weak yen and Korean carmakers had followed, he said.
Ford's vehicle sales in Russia fell 38 percent last year in a market down 10 percent, according to data from the Moscow-based Association of European Businesses in Russia. The automaker's market share fell to 2.6 percent from 3.8 percent. Toyota's vehicle sales in Russia rose 6 percent in 2015.
Shanks said that Ford was looking at measures to cope with the Russian crisis. "All options are on the table," he was quoted as saying, adding that a market exit was not an option. Ford said last week its Russian operations lost $348 million in 2014.
Ford lowered expectations for its European business this year when it announced its 2014 earnings last week.
Ford had previously estimated losses from Europe at about $250 million in 2015. On Thursday, however, it backed away from that forecast, saying the loss would narrow from $1 billion in 2014 but would be wider than previously thought without providing a number.
General Motors said last week it will suspend production at its St. Petersburg auto assembly plant in Russia from mid-March until mid-May and is raising prices for its products because of the weak and volatile ruble.
In addition, Volkswagen Group's labor chief said on Thursday that VW lost hundreds of millions of euros in Russia because of the decline of the ruble.
Automotive News Europe contributed to this report