Elena Buturlim18:06, 02/15/24

The sale of shares has been completed and all approvals have been received.

In 2024, the German automobile concern Daimler Truck, part of the Mercedes-Benz Group, sold its 15% stake in the largest Russian truck manufacturer Kamaz. Kamaz General Director Sergei Kogogin spoke about this in an interview with Vedomosti .

At the same time, he did not name the buyer. The deal went through and all approvals were received, a source close to the company said. He also did not disclose details.

Daimler became the last of the largest Western automakers to completely withdraw from Russian assets in the spring of 2022. Previously, all the world’s leading automakers left the market, and in January 2024, the Korean Hyundai plant in St. Petersburg was bought by the Art-Finance company.

The German concern became a shareholder of Kamaz in 2008, when it acquired 10% of the truck manufacturer for $250 million. In 2010, Daimler and the EBRD bought another 5% of Kamaz. Daimler later bought the shares from the bank. The main shareholders of Kamaz remain the Rostec Group of Companies (47.1%) and the Avtoinvest company (23.5%).

It is noted that Mercedes technologies played a significant role in modernizing the Kamaz model range. Thus, in October 2013, serial production of K4 generation truck tractors began.

In 2022, after the Russian invasion of Ukraine and the departure of Mercedes from Russia, Kamaz encountered difficulties with components.

(c)UNIAN 2024