Photo credits @ Kamaz

Mercedes-Benz completes sale of Russian HGV manufacturer Kamaz

The Mercedes-Benz Group has finalised the sale of its stake in Kamaz, Russia's leading truck manufacturer, joining the ranks of companies pulling out of Russia following the country's 2022 invasion of Ukraine.

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According to Reuters, the German carmaker, without disclosing details of the transaction or the buyer, confirmed the completion of the deal this month after receiving all necessary regulatory approvals.

In September 2021, Mercedes-Benz AG, then under the umbrella of Daimler AG, acquired a 15% stake in Kamaz from Daimler Truck to return it to Daimler Truck after the truck maker was spun off from the parent company in December 2021. Following the spin-off, Daimler AG was renamed Mercedes-Benz AG.

Following the spin-off, ownership of the Kamaz stake was split between Mercedes and Daimler Truck, with Mercedes holding the shares, while Daimler Truck had to take a write-down on the asset, valued at around €200 million ($215 million), according to a May 2022 filing cited by Reuters.

The sale marks Mercedes-Benz’s final exit from the Russian market, a decision announced for the end of 2022, alongside the sale of shares in its industrial and financial services subsidiaries to a domestic investor.

In response to Russia’s invasion of Ukraine, Daimler Truck ceased its operations in Russia, including its partnership with Kamaz, in late February 2022.