Despite KamAZ’s role as one of the primary truck suppliers for russia’s armed forces, the russian automotive giant has reported substantial losses this year.
According to the company’s third-quarter 2024 financial report, KamAZ posted a net loss of 3.831 billion rubles (about $39 million) over the first nine months of this year, with a sales loss of 1.041 billion rubles ($10.5 million). This contrasts sharply with the same period in 2023, when the company reported a net profit of 15.819 billion rubles ($160 million).
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This decline represents not only a significant financial setback but also a drop in production output. Truck sales fell by 22%, with total production down to 18,460 units. In 2023, in comparison, KamAZ came out as the leader of truck sales in russia with 28,200 units sold, capturing 20% of the market.
Notably, while the report does not differentiate between civilian and military production segments, KamAZ’s losses are striking given its status as russia's largest freight vehicle manufacturer. In the end, trucks are the blood in the veins of army logistics: for example, a typical russian motorized rifle regiment requires approximately 500 vehicles to support its 2,100 personnel.
Meanwhile, URAL Automotive Plant, another major supplier of military vehicles for russia’s armed forces, has not released financial reports since 2022, making it difficult to assess if KamAZ’s losses are due to an order redistribution within the industry or indicate a broader downturn.
It’s also worth noting that until early 2024, German company Daimler Truck held a 15% ownership stake in KamAZ but cut all ties in 2022. The identity of the buyer of Daimler’s shares remains undisclosed.
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