Daimler to Take 10% Stake in Russian Truck Maker
Defying the auto industry gloom, Daimler AG Friday said it will pay $250 million for a 10% stake in Russian truck maker Kamaz as it seeks to ramp up its presence in emerging markets.
It could pay a further $50 million for the stake, depending on Kamaz's sales and profit performance.
At a press conference in Moscow, the companies said joint projects could begin early next year. They will also look at possible of strategic partnerships.
Kamaz is the leading seller of heavy-duty trucks in Russia and sold about 53,000 vehicles last year. It posted revenue of $3.8 billion and has a market share around 30%.
Daimler's truck division is the world's largest truck maker by sales and comprises the Mercedes-Benz, Freightliner, Mitsubishi Fuso and Western Star brands, as well as Thomas Built Buses. Daimler's trucks division last year sold 467,667 vehicles and posted ?28.5 billion ($37.9 billion) in revenue.
In order to expand in emerging markets, Daimler is set to invest about $1.1 billion over the next five years together with India's Hero Group to build trucks and buses in the Indian market.
Daimler truck chief Andreas Renschler last month confirmed that the company will expand its presence in global growth markets, "even in the face of more intense competition … The financial crisis may slow down progress in the transportation sector, but it cannot stop it."
Views:0
- Daimler Truck Starts Local Production of Mercedes-Benz Branded Trucks in China 2022-09-26
- Cummins, Daimler Collaborate on Hydrogen Fuel Cell Trucks 2022-05-13
- Daimler Truck Subsidiary Torc Robotics Opens Technology and Development Center 2022-04-26
- Daimler Truck Significantly Increase Sales, Revenue and Net Profit in 2021 2022-03-25
- Daimler Truck Sales See 20% Increase in 2021 2022-01-24
- Volvo, Daimler And Traton Agree On JV Charging Network for Europe 2021-12-27
- Three ConMet Plants Receive 2020 Masters of Quality Supplier Award from DTNA 2021-11-17
- Daimler Truck AG and Cummins Inc.Announce Global Plan for Medium-duty CV Engines 2021-02-24
- Daimler Plans Separation into Two Pure-play Companies 2021-02-04
- Daimler to Revamp China Plant to Make Mercedes-Benz-branded Actros Truck 2020-11-18
Submit Your Requirements, We Are Always At Your Service.
- World’s First All-electric Scania Car Transporter Goes into Service
- China’s First Mining Specialized Remote Sensing Satellite Launched
- SINOTRUK Delivers Full Year 2022 Results, Heavy Truck Sales Down 52.50%
- FOTON and Cummins Team up to Build a New Engine Plant in Thailand
- SANY Awarded as 2022 Forbes China TOP 50 Sustainable DEV Industrial Enterprises
- Daimler Trucks and Buses Signs Deal with XCMG Fire Fighting
- FAW Jiefang Sichuan Branch Was Officially Established
- Bus & Truck Expo Set to be Held in May 2023
- Yutong, SCG Signed MoU for Green Mining in Thailand
- CAT Displays Its First Battery Electric Large Mining Truck
- Half Year Review of Commercial Vehicle Sales
- China Exported 63,000 Trucks in May, Up 33% YoY
- Top 10 Best-selling Battery-swapping Heavy Trucks in China in April
- China Exported 158,000 Trucks in Q1, Up 41% YoY
- China’s Truck Exports Grew by 43.8% YoY to 46600 Units in Feb., 2023
- China’s Heavy Truck Sales Rising 29% YOY to 77200 in Feb
- China Exports 567,000 Trucks in 2022, Hitting a New High in a Decade
- China’s Pickup Exports Jumped 65% YOY in 2022
- China's Truck Exports Grew by 42% YOY to 53,000 Units in November
- Heavy Truck Sales in China Fell by 9% YoY to 46000 Units in Nov.
