Daimler Truck finally leaves the Russian market

German automaker Daimler Truck has finally sold 15% of its shares in Russian truck manufacturer Kamaz. This was announced by Kamaz CEO Sergey Kogogin in an interview with the Russian newspaper Vedomosti.

It is noted that Daimler Truck, a part of the Mercedes-Benz Group (formerly Daimler AG), has been one of the last Western automakers to completely withdraw from Russian assets since the spring of 2022.

Kogogin's words confirm that the German concern has ceased its participation in the Russian automotive industry since February 2022. Details and the buyer of the stake were not disclosed. The deal has already received all the necessary approvals, sources close to the company said.

It is noted that all the world's leading automakers have previously left the Russian market, and in January 2024, the Korean Hyundai plant in St. Petersburg was acquired by Art Finance.

Daimler Truck manufactured cabs for the latest generation K5 Kamaz trucks, which were based on units from the 2012 Mercedes Actros, as well as cabs for Mercedes trucks manufactured in Naberezhnye Chelny.

It is worth noting that the German concern became a shareholder in Kamaz in 2008, when it acquired 10% of the truck manufacturer through Ruben Vardanyan's Troika Dialog investment company for $250 million. However, Troika was sold to Sberbank in 2012. In 2010, Daimler and the European Bank for Reconstruction and Development bought another 5% stake in Kamaz, of which 1% was held by the German automaker and 4% by the EBRD. Later, Daimler bought back its stake in the bank.