Kamaz to halt assembly lines on low demand
Russian truck maker Kamaz, in which Germany's Daimler took a 10 percent stake last week, will halt assembly lines from Dec. 19 until Jan. 19, Kamaz said on Wednesday.
"This is linked to a huge amount of unsold stock... Russia is in hibernation. There is no demand," said Kamaz spokesman Vladimir Samoilov.
Kamaz was down 3.9 percent on the Micex exchange .MCX at 1500 GMT, well below the index, which was up 0.3 percent. Daimler's stock was up 1.3 percent.
Russia's construction firms and heavy industries, where Kamaz finds most of its customers, have been forced to scale back production and cancel projects by the global financial crisis.
Kamaz idled its assembly lines for two weeks in November due to the slowdown in demand.
Daimler, seeking access to what it says will become one of the largest truck markets in Europe, signed a deal to pay $250 million for the 10 percent stake on Dec. 12. The deal calls for a further $50 million to be paid in 2012 if Kamaz meets earnings and sales targets.
Views:0
- Russian Kamaz Begins Selling Its New Flagship K-5 Truck Model 2020-05-22
- Weichai Signs a Cooperation Agreement with Kamaz 2019-05-15
- Cummins and KAMAZ Sign MOU for Electrified Power Solutions 2018-09-28
- Weichai and Russian KAMAZ Sets up Production of Large Natural Gas Engines 2018-09-17
- Weichai to Start Cooperation with Russia-based Kamaz 2018-05-21
- Kamaz-Master Visits Dongfeng Cummins 2018-04-17
- Russian Kamaz to Invest $57 mln in Construction of Senegal Assembly Plant 2017-06-27
- Russian KamAZ Plans Unitl 2020 to Supply Over 1,000 Trucks to Philippines 2017-06-14
- Cooperation between XCMG and KAMAZ 2015-01-29
- Brilliance Auto to Cooperate with Russian Heavy Truck Maker Kamaz 2014-05-07
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.