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TRUCKMAKERS NEWS * Russia: KamAZ's
* Russia - State backstops $1 Billion of truck maker KamAZ's debt amid auto market collapse
Moscow,Russia -Reuters -Aug. 19 2014: -- Russia will guarantee $1 billion of truck maker KamAZ's future debt, as part of a broader government initiative to support vehicle manufacturers struggling with falling sales... Russia, Europe's second-largest car market after Germany, is seeing a sharp decline in car and truck sales as its weak economy is put under further pressure by Western sanctions over the crisis in Ukraine... Many Russians have also delayed making large purchases because of a weakening ruble... Shares in KamAZ, in which Germany's Daimler owns 15 percent, jumped more than 9 percent on the government's announcement on Tuesday... The government said it had approved state guarantees for up to 35 billion rubles ($968 million) of debt issuance by KamAZ for up to 15 years. The move is intended to help the truck maker's investment program, including launching new models and upgrading all production lines...
Labels: truckmakers news Russia
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