Daimler and Russian truckmaker Kamaz have signed agreements to establish two joint ventures. This follows an initial partnership agreed with Kamaz, Russian Technologies, and investment bank Troika Dialog in December 2008 which saw Daimler Trucks acquire a 10% stake in Kamaz.
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Fuso Kamaz Trucks Rus will import, assemble and sell Fuso trucks in Russia with Canter production to commence in the first quarter of 2010.
Mercedes-Benz Trucks Vostok will initially assemble Actros and Axor models from the second quarter of 2010 though sales will start on 1 January.
“With our strategic partnership with Kamaz we are in line with our Daimler Trucks’ growth strategy for the RIC markets”, said Daimler’s truck and bus chief Andreas Renschler.
“The implementation of the two joint venture projects between Kamaz and Daimler Trucks has brought us a giant step towards to the expansion of our presence in the Russian market.”
He said the move would ensure the firm could react immediately truck demand recovered in Russia.
The Fuso joint venture will be 50% owned by Fuso’s primary shareholder Daimler and 50% owned by Kamaz, with each party contributing EUR4.1m in initial equity. Kamaz will nominate the CEO and head of sales and marketing, while Fuso will nominate the CFO and head of operations.
The new company will commence importing SKD kits from Japan, producing and selling the light-duty Fuso Canter trucks in the first quarter of 2010, following receipt of final approval by all relevant authorities. The trucks assembled in Russia will steadily increase their local content of parts and components.
The trucks will be manufactured in Naberezhnye Chelny, where Kamaz has its production plant, and the new company’s sales headquarters will be in Kazan.
With already around 11,000 used Fuso trucks on the Russian roads, the Fuso brand is already well known to the Russian customers, thus providing a strong basis to start new vehicle sales.
Daimler and Kamaz each own 50% of the joint venture Mercedes-Benz Trucks Vostok and are each contributing EUR5.9m to its capital. The CEO of this joint venture will be Boris Billich, currently responsible for sales and marketing of Mercedes-Benz commercial vehicles in Russia.
Assembly of the heavy-duty Actros and Axor will initially be from SKD kits in Naberezhnye Chelny, where Kamaz manufactures its trucks. The new joint venture’s sales headquarters for Mercedes-Benz trucks and buses and Setra coaches in Russia will be in Moscow.
