KAMAZ

KamAZ is one of the top twenty manufacturers of heavy trucks and leads the Russian market. The unified production complex of the KamAZ group of organizations covers the entire technological cycle of truck production - from the development, manufacture, assembly of vehicles and auto components to the sale of finished products and service support. In total, the KAMAZ group of companies includes more than 100 organizations in assembly production abroad (Kazakhstan, Vietnam, Azerbaijan, Iran and Pakistan).

Performance indicators

2023

Revenue growth by a third to 354.71 billion rubles

At the end of 2023, KamAZ raised 354.71 billion rubles, which is 33.2% more than a year earlier. The automaker's net profit also increased during this time - from 5.39 billion to 12.7 billion rubles (an increase of 2.4 times). The company published such data on February 8, 2024.

KamAZ explained the tangible increase in revenue in 2023 by the dynamics of truck sales in the domestic market, the growth in demand for the flagship of a new generation of cars K5 KamAZ-54901 and an increase in sales of passenger transport (buses, electric buses) as part of the implementation of the national project "Safe Quality Roads" and other federal projects.

KamAZ raised 354.71 billion rubles

In total, in 2023, KamAZ produced about 53 thousand units of commercial vehicles. In particular, almost 2 thousand buses and electric buses, more than 4 thousand trailers and semi-trailers, more than 41.7 thousand units of heavy vehicles, including 5 thousand KAMAZ-54901 trucks, 4.85 thousand medium and low-tonnage Compass cars, were produced.

The total debt of KamAZ in 2023 increased by 40.9%, to 323.2 billion rubles. In particular, the company's short-term liabilities increased from 102.1 billion rubles to 189.6 billion rubles, mainly due to a twofold increase in accounts payable (up to 140 billion rubles). The company's long-term liabilities increased from 127.3 billion rubles to 133.6 billion rubles.

It also follows from the reporting that the indicator of other income of the group for 2023 decreased from 20.9 billion rubles to 13.7 billion rubles. Other expenses also decreased - from 36.6 billion rubles. up to 15.3 billion rubles.

As noted by the general director of KamAZ Sergey Kogogin, whose words are quoted in the company's message, in 2023 the manufacturer solved two difficult problems: on the one hand, it was necessary to debug the increased production of all-wheel drive trucks, on the other, to solve issues of increasing the production of generation K5 trucks on a new sanctions-resistant component base.^[1]

Growth in urban transport sales by 25%

KamAZ increased sales of passenger transport in 2023 by 25% compared to 2022. The press service of the automaker announced this at the end of January 2024.

According to the company's own data, in 2023 KamAZ sold more than 1.4 thousand NefAZ buses and 477 electric buses. The share of the latter in the Russian market increased to 96%. In the large class bus market, excluding the tourist bus segment, the company occupies 33%.

KamAZ increased sales of passenger transport in 2023 by 25%

In addition, KamAZ turned out to be the leader in the country in terms of the volume of trucks sold. Every fifth truck sold in the Russian Federation in 2023 fell on the Naberezhnochelninsky enterprise, the company said in a statement.

In 2023, KamAZ delivered large batches of buses to the Republic of Bashkortostan, Rostov-on-Don, Moscow, Yekaterinburg, Kemerovo, Perm, Omsk. In addition, over 400 NefAF buses first entered the routes of the Moscow Region, and passenger equipment was also delivered to Orenburg, Bratsk, Krasnoyarsk, Yaroslavl, South Sakhalin, Lipetsk, Belgorod and other large cities. Most of the Kamaz equipment was transferred as part of the implementation of state programs aimed at the comprehensive renewal of the public transport fleet in the country. Among them are a large-scale program of special treasury loans, a program of preferential leasing of buses with the involvement of funds from the NWF, as well as the national project "Safe Quality Roads" and the federal project "Clean Air."

As previously reported by the director of passenger transport of PJSC KamAZ Samat Sattarov, in 2024 it is planned to increase the volume of passenger transport production by 20%. According to him, in 2024, in addition to buses and electric buses, the company will begin production of trolleybuses, and is also working on the production of hydrogen transport.^[2]

2022: Revenue growth by 7% to RUB 267.28 billion

At the end of 2022, KamAZ raised 267.28 billion rubles, which is almost 7% more than a year earlier. This was announced by the general director of the company Sergey Kogogin on February 24, 2023 at a meeting of the City Council of Naberezhnye Chelny.

According to him, in 2022, KamAZ sold 43.4 thousand trucks against 44,148 a year earlier and invested about 16 billion rubles (+ 46% by 2021). Factories of special equipment and suppliers in the city earned 78 billion rubles (10% more than in 2021). Factories of special equipment and suppliers in the city earned 78 billion rubles (10% more than in 2021). The total contribution of subsidiaries and affiliates of PJSC KamAZ to the group's revenue in 2022 fell by 52% and amounted to more than 81 billion rubles, Kogogin said.

Even in the conditions of the most severe sanctions imposed on KamAZ, the past [2022] year did not become an obstacle to the implementation of the goals set. Moreover, I believe that we managed to lay the foundation for good development dynamics for the coming years, - said the general director of the automaker.

It is also noted that in 2022 KamAZ increased payments to the budget of the republic by 33% and investments in production by 46%, they amounted to 15.9 billion rubles.

On February 10, 2023, the Vesti KAMAZ newspaper published an interview with the plant director Anton Saraykin, who said that the company would increase the volume of truck production to pre-sanction indicators. He noted that in February 2023 it is planned to assemble 200 cars daily, in March - 210, and by autumn the manufacturer will accelerate to 220 heavy trucks per day.

In 2022, KamAZ, being under sanctions, ceased to publish financial statements. In October 2022, Kogogin said that the company ended the first half of the year with positive results and successfully copes with sanctions challenges.^[3]

2021:18% increase in truck production, to 44,136

KamAZ in 2021 increased truck production by 18% compared to 2020 - to 44,136 units from 37,345, respectively. The company told about this on January 24, 2022.

According to the statistics presented, in 2021, the KAMMINS KAMA engine and joint venture plant produced and shipped 47,949 engines and power units to its consumers, which is 17% higher than a year ago. Dealers, service centers, corporate and other consumers of KamAZ received spare parts for the year in the amount of 30.7 billion rubles against 25.04 billion rubles a year earlier.

Last [2021 - approx. TAdviser] year was difficult for our production. The violation of the supply of various components for cars affected all manufacturers, including KAMAZ. But thanks to the well-coordinated actions of all divisions of the company, we managed to avoid production stops and reach one of the best production results over the past ten years, - said Sergey Kogogin, General Director of KamAZ PJSC.

In turn, the general director of Rostec, the chairman of the board of directors of KamAZ, Sergei Chemezov, said that in 2021 the automaker invested 13 billion rubles in the development of the model range and over 1 billion rubles in research and development. These investments, in particular, allowed the company to bring to the market new models of freight transport of the K5 generation, expand the production of electric buses and complete the development of KAMAZ-6290 - environmentally friendly public transport based on hydrogen fuel cells.

Although the company in 2021 continued to actively expand the model range of cars of the K5 generation, the production of trucks with a classic cab will not K3 stop, since they remain in high demand in Russia. Nevertheless, the volume of production of K3 cars will be significantly reduced, KamAZ reported^[4]

2020: Revenue growth by 16%, to 185.87 billion rubles, net profit - 1.55 billion rubles

At the end of 2020, KamAZ raised 185.87 billion rubles, which is 16% more than a year earlier. One of the catalysts for the company's financial recovery was the growing sales of passenger vehicles, including electric buses. Among other positive factors, the manufacturer attributed the growth in sales of trucks in the domestic market and the release of the first model of the new line of K5 cars - KamAZ-54901.

In 2020, KamAZ released a new generation of electric buses, electric shocks for special equipment, as well as the KAMA-1 electric car.

KamAZ's net profit for 2020 amounted to 1.55 billion rubles against a net loss of 1.52 billion rubles registered a year earlier. The company's net assets for the year increased by 6.717 billion and amounted to 49.5 billion rubles. Profit from sales for reached 5.34 billion rubles.

KamAZ also noted that, despite the COVID-19 coronavirus pandemic, the company has strengthened its position in the Russian market. Thus, against the background of its decline, the automaker is still the leader in its segment with a share of 47.5% (+ 3.3 percentage points compared to 2019).

Commenting on the results of operating activities, KamAZ CEO Sergei Kogogin noted the timely anti-crisis measures to improve efficiency implemented by the company's top management, as well as systemic measures to support the industry provided by the Government of the Russian Federation.

Due to timely measures to ensure the continuity of the company's operations, it was possible to neutralize unfavorable macroeconomic factors associated with the spread of coronavirus infection. We were able to create optimal conditions for the stable operation of production and the implementation of the business plan indicators, while continuing to expand the range of products, he said.[5]

Information Technology

Main article: Information technologies in KamAZ

History

2024

Daimler sold its 15% stake in KamAZ

Daimler sold its 15% stake in KamAZ. This was announced in mid-April 2024 by the general director of the Russian company Sergei Kogogin.

Formally, they completed the process of termination of participation in the capital of KamAZ, as far as we know, this year. Their further plans for our company are not known. For us, it is much more important that the termination of relations with European partners, which, of course, changed our product, did not affect our ability to produce commercial equipment and develop our lineup, "he said in a conversation with Vedomosti[6]

AFK Sistema and KamAZ began to jointly create hydrogen transport

In February 2024, KamAZ and AFK Sistema signed an agreement on cooperation in the development of hydrogen technologies.

According to the press service of KamAZ, the partnership with AFK Sistema is aimed at combining and coordinating efforts in creating serial products using hydrogen, including a truck, warehouse equipment, an electric water bus, mobile hydrogen gas stations and electrolyzers. Also, within the framework of the agreement, the companies plan to interact with educational institutions for training personnel in the field of hydrogen technologies and electric transport.

President of AFK Sistema Tagir Sitdekov (left) and General Director of KamAZ Sergey Kogogin

Olga Nasikovskaya, head of the strategic consulting group at Kasatkin Consulting, in a conversation with RBC Tatarstan, suggested that the timing of the implementation of this program would be relatively tight, taking into account the policy of import substitution and the development of its own production. If there is support from the state (a decree on the mandatory transition to hydrogen transport of allocated companies, subsidizing the purchase of such transport), then the introduction of hydrogen commercial transport can be carried out as early as 2025.

AFK Sistema began the development of the hydrogen direction from 2022 and by February 2024 has two research and development centers: the Center for Hydrogen Technologies and the Center for Hydrogen Energy, which cooperates with the Russian Academy of power. In addition, AFK's portfolio company, Sitronics Group, is involved in the development of hydrogen vehicles, namely its division engaged in the development of electro-ships Emmium.

KamAZ, in turn, began developing hydrogen transport in early 2021. In particular, at the Comtrans-2021 exhibition, the company presented its first KamAZ-6290 hydrogen bus and a prototype of a 44-ton truck with a hydrogen fuel cell system.^[7]

2023

AvtoVAZ withdrew from the capital of the largest manufacturer of auto components in Russia

In mid-July 2023, it became known about the withdrawal of AvtoVAZ from the capital of the United Automobile Technologies (OAT) group. As part of the deal, KamAZ is transferring 40% of the largest manufacturer of original spare parts and components for the automotive industry in the Russian Federation. Read more here.

The share of EDB in KamAZ passed to the Russians

On January 18, 2023, it became known about the withdrawal of the Eurasian Development Bank (EDB) from the authorized capital of KamAZ. As part of the transaction, a 3.72 percent share of the Russian truck manufacturer was transferred to its subsidiary, KamAZ Financial Leasing Company LLC. The bank acquired these shares as part of financing the project for the development of the Kamaz model range.

According to Interfax, the deal took place on July 12, 2022. On that day, KamAZ shares on the Moscow Exchange were trading at 89.8 rubles per share. The size of the transaction could be about 2.36 billion rubles, the agency reports. At the same time, in 2018, when the EDB entered the authorized capital of KamAZ, 3.72% of the shares were worth 1.52 billion rubles.

KamAZ reported that as a result of the agreement they will receive a new partner for the implementation of investment projects. The EDB also said that they transferred 9.5 billion rubles to KamAZ as financing.

When implementing this transaction, the EDB used equity and bond financing instruments, thereby allowing KAMAZ PJSC to form an optimal structure for raising funds, the bank noted immediately after the acquisition of the company's shares.

EDB released the number of KamAZ shareholders a few months after the Russian company fell under the sanctions of the EU countries, the USA, Great Britain, Australia, Canada, New Zealand and Switzerland due to a special military operation in Ukraine.^[8]

Exit from the projects of cast iron casting plants and auto components in Kazakhstan

KamAZ withdrew from the projects of cast iron casting plants and auto components in Kazakhstan. This became known in mid-January 2023. Read more here.

Obtaining 100% SP with Daimler

KamAZ became the sole owner of a joint venture with Daimler. This became known in mid-January 2023. Read more here.

2022

Establishment of Passenger Car Division

On December 1, 2022, it became known about the creation of a passenger car division in KamAZ. According to the CEO of the company Sergey Kogogin, this will be a new business for the automaker.

But, relatively speaking, it is unlikely to be consolidation, "he said.

Sergei Kogogin did not specify any details on the possible models that the new direction will produce. However, he clarified that the passenger business will affect the financial results of KamAZ.

KamAZ specializes in the production of trucks with a gross weight of 14-40 tons and by the beginning of December 2022 is not engaged in the production of cars. At the same time, the company participates in the implementation of two discussed projects in the passenger car industry. In the spring of 2022, the company also became a technical partner of the Moskvich plant, which previously belonged to Renault. In October 2022, KamAZ bought a 51% stake in the joint venture ZF Kama LLC from the German manufacturer ZF Friedrichshafen AG.

Earlier, the head of the KamAZ press service, Oleg Afanasyev, said that the development of a passenger electric car is no more than one of the areas of research activities of companies, among which the most important and paramount for development in the field of freight and passenger electric vehicles.

In addition, the media reported that KamAZ, together with the Center for Computer Engineering of St. Petersburg Polytechnic University Peter the Great, are working on a city electric car. It was argued that such a car could go into series in a few years.^[9]

Consolidation of 100% JV with German ZF

KamAZ became the sole owner of ZF Kama LLC, a joint venture (JV) of the Russian automaker with the German company ZF Friedrichshafen AG. The latter owned 51% of the joint venture. The terms of the transaction were not disclosed. The fact that KamAZ bought out a stake in ZF Kama LLC from ZF Friedrichshafen AG was written by Kommersant on November 10, 2022, citing the press service of the Naberezhnochelninskaya company. Information about the change of owners appeared in the Unified State Register of Legal Entities. Read more here.

Uganda Plant Construction Arrangement

KamAZ agreed to build a plant in Uganda. The company will manufacture trucks for export to the African market. Ugandan Ambassador to Russia Moses Kizige told RIA Novosti about this in mid-October 2022.

We are also open to cooperation with Russian carmakers. For example, we recently entered into an agreement with KAMAZ to build a truck factory in Uganda to sell them in the African market, "Kizige said.

Diplomat in mid-October 2022. added that Uganda had recently started producing its own electric vehicles. According to him, the country plans to export them, including to Russia.

KamAZ noted that the company is interested in and actively develops cooperation with African countries, so it is ready to discuss all types of cooperation in the interests of the Russian state.

KamAZ is the largest truck manufacturer in Russia. By October 2022, the company has assembly facilities in Vietnam, Kazakhstan, Pakistan and India.

Earlier, KamAZ began supplying trucks to South Africa. This was preceded by the joint work of the KamAZ Foreign Trade Company and the company's Scientific and Technical Center for the development and certification of right-hand drive vehicles of tropical equipment that meet the requirements of the Republic of South Africa. In total, four models (five sets) of KAMAZ dump trucks with a restyled cabin were developed and certified. Among them - KAMAZ-65115-97 with a body of 10 cubic meters, KAMAZ-6520-63 with a body of 12 cubic meters, KAMAZ-65201-63 with a body of 16 cubic meters and KAMAZ-65222-63 with bodies of 12 cubic meters and 16 cubic meters.

In addition, KamAZ planned to organize a spare parts warehouse in South Africa on the basis of the BELL Equipment logistics center and organize assembly production in South Africa at the production facilities of the official distributor.^[10]

China's Weichai Power suspends gas engine deliveries

In August 2022, the Chinese Weichai Power suspended the supply of gas engines for Kamaz. This was due to the position of the PRC authorities, which warned the corporation against working with sanctioned companies from Russia.

Plan for the creation of a center for the development of environmentally friendly and economical engines based on UrFU

Director of the Engineering Center for Digital Technologies of Mechanical Engineering (ICTM UrFU) Maxim Sapogov, Rector of the Ural Federal University Viktor Koksharov and First Vice-Rector of UrFU Sergey Kortov held talks with the General Director of KAMAZ Sergei Kogogin. This was announced on July 7, 2022 by the UrFU. Read more here.

Redemption from a German company of a stake in a joint venture for the production of brakes

As it became known at the end of June 2022 , KamAZ bought out a share in a joint venture (JV) for the production of brake systems for trucks from the German company Knorr-Bremse. Previously, partners owned 50% each in Knorr Bremze Kama LLC. Read more here.

Difficulties with release due to stopping the supply of components against the background of Russia's special operation in Ukraine

Daimler Truck suspends cooperation with Kamaz amid special operation in Ukraine

On February 28, 2022, Daimler Truck announced that it was suspending all cooperation with Kamaz amid a special operation by the Russian Armed Forces in Ukraine, the German newspaper Handelsblatt reported, citing company representatives.

2021: AvtoVAZ bought 40% of United Automotive Technologies from KamAZ

On November 1, 2021, it was announced that AvtoVAZ bought 40% of the United Automobile Technologies (OAT) from KamAZ. Read more here.

2020

Opening of Ak Bars Bank credit line for 5.5 billion rubles. for the supply of automotive equipment

On December 7, 2020, Ak Bars Bank announced that it had opened a credit line for PJSC KamAZ for 5.5 billion rubles for the supply of automotive equipment. A loan at 0% was provided as part of the program to support automakers.

"Thanks to the preferential program, we plan to increase the volume of equipment supplied and expand the technological capabilities of the plant. In the current conditions of turbulence in the market, the program of support for automakers will help the development of the industry, economies the region and the country as a whole. We have long-standing partnerships with Ak Bars Bank and it is important for us as a business that bank ensures the access Tatarstan of enterprises to all preferential federal state programs, "said Andrey Maksimov, Deputy General Director, KamAZ PJSC. CFO

The credit line is open until December 2022.

Ak Bars Bank was among the first to conclude an agreement with the Ministry of Industry and Trade of the Russian Federation to issue a preferential loan to suppliers of automotive equipment to procurement participants in 44-FZ and 223-FZ. The program is implemented in accordance with the Decree of the Government of the Russian Federation of July 11, 2020 N 1035.

PJSC KamAZ controls 45% of the Russian heavy truck market and is included in the list of backbone organizations approved by the Government Commission for Economic Development and Integration. As of 2020, a total of 32.7 thousand people work in the technology chain group of PJSC KamAZ.

Opening of the "Ak Bars Bank" credit line in the amount of 3 billion rubles.

On May 20, 2020, Ak Bars Bank announced the opening of a credit line of PJSC KamAZ in the amount of 3 billion rubles to replenish working capital under the program to support backbone enterprises. The loan term is one year. At the same time, the bank is among the first began issuing soft loans to replenish working capital at a rate of no more than 5%.

The conditions of the program are reflected in the Decree of the Government of the Russian Federation of April 24, 2020 No. 582. Thus, enterprises can direct credit funds to labor, insurance premiums, rental of premises and equipment, repair of equipment, utilities, transport costs, etc.

2010

According to 2010 data, about 52 thousand people worked in the KamAZ group.

1969

PJSC "KamAZ" was established in 1969 and is a manufacturer of heavy trucks and special equipment.

Notes