The German automotive firm Daimler Truck has sold 15% of its shares in Russian lorry manufacturer Kamaz.
Source: Kamaz CEO Sergei Kogogin in an interview with the Russian outlet Vedomosti
Details: Daimler Truck is part of the Mercedes-Benz Group (formerly Daimler AG) and was the last of the large Western automakers to completely divest from Russia since the spring of 2022.
According to Kogogin, the German group has not been involved in the Russian automaker's operations since February 2022. Kogogin did not disclose who the buyer was or the price they agreed upon. The deal has gone through and all approvals have been received, a source close to the company said.
All of the world’s leading car manufacturers have left the market, and in January 2024, the Korean Hyundai plant in St Petersburg was bought by Art Finance.
Daimler Truck produced cabs for the latest generation K5 Kamaz lorries – based on the design of the 2012 Mercedes Actros’ cab – as well as cabs for Mercedes lorries manufactured in Naberezhnye Chelny.
The German company became a shareholder in Kamaz in 2008, when it acquired 10% of the lorry manufacturer from Ruben Vardanyan's Troika Dialog investment company for US$250 million.
Troika Dialog was sold to Sberbank in 2012. In 2010, Daimler and the European Bank for Reconstruction and Development (EBRD) bought another 5% of Kamaz: 1% went to the German automaker and 4% to the EBRD. Later, Daimler bought back the bank's shares.
Background:
Earlier it was reported that Germany's Daimler Truck, the world's largest lorry manufacturer, announced that it would cease all cooperation with Russia's largest lorry manufacturer, Kamaz.
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