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
Submit Your Requirements, We Are Always At Your Service.
- 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
- Visiting Invitation: See What's New from Renault Trucks at IAA 2026
- China's Heavy Truck Exports Surge in June as Leading Brands Win Major Orders
- JAC Becomes Official Vehicle Partner of Ghana Football Association
- Xuzhou Launches International Communication Center to Boost Global Outreach
- FOTON, COSCO Shipping Launch Joint Venture to Strengthen Global Supply Chain
- Foton, COSCO Shipping Move to Secure Capacity as China’s CV Exports Rise
- The 11th DISCOVERY TRUST Awards Successfully Held in Beijing, China
- Chinese Heavy Truck Makers Shift to Value-Driven Global Expansion
- Shandong Heavy Industry and Kazakhstan’s Karaganda Region Ink New Deal
- China’s Diesel Trucks are Shifting to Electric
- China's New Energy Tractor Truck Sales Rise 97% to 25,000 Units in June
- China's Pickup Truck Sales Continue to Decline in May
- China's Tractor Truck Sales Up 27% in May
- China's Medium-Duty Truck Market Surges 74% in May
- China's Mini Truck Sales Drop 18% YoY in May
- China's Heavy Truck Sales Rise 23% in May
- China's Light Truck Market Grows 7% to 172,000 Units in May
- China’s Pickup Truck Market Posts Steady Sales Growth in April
- China Light Truck Sales Down 2% to 178,100 Units in April 2026
- China Heavy-Duty Truck Sales Hit 117,000 Units in April, Up 33% YoY
