Daimler Boosts Stake in Russian Truck Maker

Daimler AG plans to increase its stake in Russia’s largest truck maker as part of its target of a 64% rise in truck sales by the end of the decade, Bloomberg reported Monday.

Daimler, which already controls 15% of OAO KamAZ, aims to expand its holding in the next three to four years, Andreas Renschler, head of Daimler Trucks, said at a press briefing at Daimler’s headquarters in Stuttgart, Germany, Bloomberg reported.

Daimler, which initially bought 10% of KamAZ in December 2008, has won Russian antitrust approval to increase the holding in KamAZ to 25% plus one share, Bloomberg reported.

The expansion is part of Daimler’s strategy of growth in emerging markets to keep it ahead of Volkswagen AG, which is creating a truckmaking alliance with subsidiaries Scania AB, based in Sweden and Germany’s MAN SE.

Daimler, which makes Freightliner and Western Star trucks in North America and Fuso models in Asia, is rolling out more commercial vehicles tailored for the demands of emerging markets, Bloomberg reported.