Vehicles also for the Kremlin army
Mercedes is exiting Russian truck manufacturer Kamaz
February 15, 2024, 6:07 p.m
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Since the start of the war in Ukraine, Mercedes-Benz has no longer taken part in the operational business of the Russian truck manufacturer Kamaz. However, the German group initially continues to hold shares in the car manufacturer, which also produces vehicles for the Kremlin army. Now the Swabians are dropping out completely.
The car manufacturer Mercedes-Benz has sold its shares in the Russian commercial vehicle manufacturer Kamaz. A spokeswoman said the necessary approvals had been granted and the contractual agreements had been implemented. The execution took place in February. Mercedes-Benz Group AG does not have any further investments in Russia. The spokeswoman did not want to comment on details such as the price or the parties involved. Mercedes held a 15 percent stake in the Russian truck manufacturer.
Kamaz General Director Sergei Kogogin had previously confirmed the sale in the daily newspaper “Vedomosti”. “I am not aware of your further plans regarding our company,” Kogogin said. The Russian manager also did not want to name the buyer or the purchase price. He recalled that the group has no longer taken part in the company’s operational business since the beginning of the Russian war of aggression against Ukraine.
After the separation of Mercedes-Benz and Daimler Truck in December 2021, Mercedes’ shares were to be transferred to the truck manufacturer from Leinfelden-Echterdingen. However, the Russian war and the sanctions imposed afterwards forestalled the plan. The group stopped its business activities in Russia and the shareholding remained with Mercedes for legal reasons. The company is the legal successor to Daimler AG.
Daimler joined Kamaz in 2008. The company initially bought a ten percent stake for $250 million. Two years later, Daimler and the European Bank for Reconstruction and Development bought another five percent, which Daimler later took over alone. At the same time, the Swabians provided know-how for the further development of the trucks that roll off the assembly line in the Russian republic of Tatarstan. The driver’s cabin in particular was modernized using Mercedes technologies.
In addition to civilian trucks, Kamaz also produces army trucks and armored vehicles and has always been considered a strategically important asset for the Russian leadership. The Russian state defense holding Rostec is the most important shareholder. Kamaz vehicles play an important role in the war against Ukraine. The EU has imposed sanctions on the company.