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Russia’s KamAZ forecasts 30% drop in truck sales in Russia in 2014

SOCHI, October 12. /TASS/. Russia’s biggest truck manufacturer KamAZ forecasts a 30-percent drop in truck sales in Russia in 2014, KamAZ CEO Sergei Kogogin told TASS on Sunday.

Overall sales of KamAZ truck in Russia are expected to reach 41,000 in 2014. In 2013, KamAZ sold on the domestic and foreign markets a total of 43,800 vehicles. This year, its aggregate sales may drop by 6.4%

In its 2013 report, the company forecasted a two-percent decrease in its truck sales in 2014, to 43,000 vehicles.

When asked about forecasts for the truck market in general, Kogogin said that this market might “slump by 30%, if not more.” He said that truck sales may be influenced by the industry and trade ministry’s programme for auto scrapping but it would take a closer look at.

KamAZ ranks 16th among the world’s leading heavy duty truck manufacturers and eighth in terms of the production of diesel engines. The group’s technological chain is comprised of 11 big automotive works and auxiliary units. KamAZ’s biggest stock holder is State Corporation Rostec, which controls 49.9% of shares. Other shareholders include Cyprus-registered Avtoinvest limited (20.81% of shares) and Cyprus’ Decodelement Services Limited (2.73%). Both offshore companies represent the interest of the Troika Dialog company. Among stockholders also are Germany’s Daimler (11%), U.S.’s KAMAZ International Management (4.25%), the European Bank for Reconstruction and Development (EBRD, fourt percent), and KamAZ Financial and Leasing Company.

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