16 Jan 2023 11:11

Kamaz consolidates 100% of former JV with Daimler

MOSCOW. Jan 16 (Interfax) - Russian truck maker Kamaz has consolidated 100% of shares in its former joint venture with German automaker Daimler, DK Rus LLC, which manages assembly and distribution of mid-sized Compass trucks and a cab frame plant in Naberezhnye Chelny.

The JV, which was equally owned by Kamaz and Daimler, was transferred to the sole control of the Russian company on January 13, shortly before which it was renamed Trucks Vostok Rus LLC (TVR), the Unified State Register of Legal Entities showed.

The company has been the official distributor for Compass trucks, which are assembled in Naberezhnye Chelny with components from China's JAC, since July 2022. Production began with the Compass 9 (up to 9.5 tonnes) and Compass 12 (up to 12 tonnes) models. The company planned to expand the line to the Compass 3 (up to 3.5 tonnes) and Compass 5 (up to 6 tonnes) models and increase localization.

The renaming of the company does not affect relations with customers, suppliers and partners of the Compass truck distributor, TVR said in a press release on its website.

Adding medium duty trucks to the product portfolio enabled the company to optimize production processes and achieve an optimal scenario for development on the Russian market in the new realities, TVR said.

DK Rus served as the general importer of Mercedes-Benz trucks and specialized vehicles, as well as Fuso medium-duty trucks, SKD assembly of which was conducted in Naberezhnye Chelny.

TVR now has two plants in Naberezhnye Chelny, one for SKD assembly that had assembled Fuso Canter trucks since 2010 and a plant launched in 2019 to manufacture cab frames for Mercedes-Benz and Kamaz trucks.

DK Rus increased its net profit to Russian Accounting Standards to more than 4 billion rubles in 2021 from 212 million rubles a year earlier on revenue up 90% to 118.9 billion rubles, data from the SPARK-Interfax system showed.

Daimler decided to suspended operations in Russia last year, but Kamaz said it continued to hold a 15% stake in the Russian truck maker as of mid-January.