Kamaz approves 19.7 bln rubles investment to 2013
MOSCOW. Feb 10 (Interfax) - Directors at Kamaz have approved a strategic development program for the period 2010-2013 with investment of 19.7 billion rubles, the truck maker said in materials.
This year's investment will run to 3.766 billion rubles.
The group's major investment projects in the next few years are engine production with Cummins Inc; gearbox production with ZF Friedrichshafen AG (for which a joint venture has already been established); the development of new-generation trucks, with new-style cabs and axles; and all-terrain vehicles for the armed forces, among others.
Kamaz said in November that it was forming two joint ventures with Germany's Daimler on a parity basis in Tatarstan, the internal Russian republic where the Russian truck maker is based.
One of them, Fuso KAMAZ Trucks, will produce and sell the Fuso Canter LCV in Russia. The other, Mercedes-Benz Trucks Vostok, will produce and sell the Mercedes-Benz Actros and Azor heavy trucks. The partners have each invested EUR4.1 million in the former and EUR5.9 million in the latter.
Kamaz expects to sell 27,200 trucks in 2010 and 46,100 in 2013.
The state Russian Technologies (Rostekhnologii) corporation owns 37.8% and the Troika Dialog investment company controls 44.4% of Kamaz. Daimler owns 10%.