Although Germany’s Daimler Automotive Company just stated last month that it may need to reassess its strategy for taking stake in Russia’s Kama Motors in view of the deteriorating global economic situation, it may even cancel this plan.
But a few days ago, Daimler Motors spent 250 million U.S. dollars to buy a 10% stake in Russia's Kama Motors.
At this point, Russia's Kama Motors Co., Ltd. has finally completed the handover of the multinational giants!
Earlier, it was reported that Swedish Volvo Car Company and Iveco Motor Company were interested in buying shares of Russian Kama Motors.
Daimler Motor Company initially wanted to buy 50%+1 shares of Russia's Kama Motors for holding. However, in July this year, it intends to use 1.7 billion U.S. dollars to purchase 42% of Russia’s Kama Motors, and plans to complete the transaction in the late summer.
However, the unprepared global financial crisis broke both sides' wishful thinking. The deal was delayed and delayed.
Last Friday, Germany’s Daimler Automotive finally signed an agreement with Kama Motors, the leader in Russian truck production, to purchase 10% of the latter’s shares.
According to the deal, Daimler will immediately pay US$250 million to its newly-find Russian strategic partner. If the sales and profits of Kama Motors before 2012 are more substantial, Daimler will also It should pay 50 million US dollars.
At the same time, Daimler Motor Company stated that it reserves the priority to purchase the remaining shares of Kama Motors.
German Daimler Automotive Co., Ltd. prepared this for more than a year. The Daimler expert team also made several trips to Russia's Kama Motors Corp. to investigate various options for making full use of Russia's new strategic partner resources.
Some Russian experts believe that the "German" has spent money!
“If the valuation is based on the current company market capital, then the payment price is too high. Now the fund market assesses these shares is only worth 80 million US dollars.â€
At the same time, Russian analysts pointed out that Daimler Motors has a stake of 10% in Russia's Kama Motors, and it is this proportion that wants Daimler to "fully participate" in the work of the Russian Kama Automobile Factory. far from enough.
"Only 10% of the shares were purchased, and there is no real strategic investment. In such a proportion, Daimler would not be worthwhile to deliver more advanced technology to Russia's Kama Motors. It is difficult to attract capital to invest today. Under the plan's conditions, Kama Motors purchased these technologies from Daimler Automotive in a commercial way, but it is actually impossible to achieve..."
The current Russian truck market is more pessimistic than expected. It is estimated that the sales volume of trucks on the Russian market in 2008 will be around 425,000 vehicles, and the year-on-year increase will be reduced to the figure, which may not exceed 7%! It is far below the previous forecast of 470,000 to 480,000 vehicles.
In recent months, truck manufacturers in Russia have stopped production to respond to layoffs. Russia’s Kama Motors has laid off more than 3,000 employees and does not rule out layoffs in the first quarter of next year.
In the first half of the year, due to rising prices of steel, energy, and transportation costs, the net profit of Russia’s Kama Motor Co. decreased by 55% year-on-year to 2.634 billion rubles (approximately US$108.7 million).
The company’s truck sales in October decreased by 33.7 percent month-on-month, almost half of the sales in August. Just because of the good momentum of development in the first half of the year, the sales volume in the first 10 months was only slightly higher than last year, with cumulative sales of nearly 45,000 vehicles. However, the factory's export volume in the first 10 months fell by 10.7%, reducing more than 1,200 vehicles. In October alone, the truck's export volume decreased by 55% compared with expectations. In some overseas markets, sales of Kamaz trucks have even dropped by nearly 80% due to the decline in consumer purchasing power.
Now the factory's weekly working hours have been reduced to 4 days, and some workshops produce less time. After the announcement of a 10% layoff a few days ago, the factory began taking most of its employees off for a month from December and only paid 2/3 of their salary. In the development of a new generation of trucks, investment will also be significantly reduced.
Under this circumstance, the Russian Kama Motors Co., Ltd., by holding the German Daimler Automotive Co., has actually benefited.
According to this, the Russian Kama Motors Company obtained the possibility of purchasing technical products from the latter and used it for its own assembly and components. Including the dream of the second generation Mercedes-Benz Actros truck cab and so on.
Daimler truck manager revealed that there are a total of 15 projects with Kama Motors.
Daimler Automotive finally decided to take a stake in Russia's Kama Motors, also because this strategy can enable Daimler to achieve a win-win situation.
First of all, Russia will formally implement a new import tariff on automobiles on January 11, 2009. Daimler Motors can gradually switch to Russia to evade Russia’s new tariffs.
Secondly, Daimler Motors assembles its own products at Kama Motors Russia, which can enrich its product line in the Russian automobile market and accelerate the pace of its expansion into Russia.
In recent years, the sales of German Mercedes-Benz trucks in Russia have continued to climb. In 2007, sales reached 4,500, of which 1,784 were new cars, more than doubled from the same period last year. 2632 used cars.
In the first half of 2008, the Mercedes-Benz brand accounted for more than 1,800 of the heavy trucks with a gross mass of 16 tons or more imported from Russia alone. Increased by more than 20% year-on-year.
Daimler Motors also foreshadowed its own good development in Russia in the future. With this deal with the leader of the Russian truck industry, Daimler Motors obtained the priority of purchasing the remaining shares.
In this way, once the global economy recovers and the Russian truck market is stronger, Daimler Motors can continue to show its talent in Russia.
The status quo of old trucks in Russia, and the recovery of infrastructure after the crisis, will all drive the rigid demand for trucks in Russia.
Perhaps, when Daimler Motors successfully expands the Russian market, Chinese trucks will also succeed in "hiding the warehouse."
In August this year, Daimler Automotive signed a letter of intent with Foton Motors, a subsidiary of Beijing Automotive Holdings.
Daimler Automotive will establish a joint venture with Beijing to establish a joint venture in Beijing, followed by four joint ventures in Russia, India and South America.
In this way, the Chinese side can rely on some resources of the Daimler Automotive Company in Russia to better carry out operations.
However, domestic experts have disputed this. Since Daimler Automotive Co., Ltd. shares a stake in Russian Kama Motors, the future product line of Russian Kama Motors will be perfect from the low-end to the high-end, then whether the Chinese products with the most similar prices in Russia will succeed in this new product Strategy is still unknown!
But there is no doubt that if the future of Daimler Automotive and Russian Kama Motors accelerates the effective complementarity of technology, products and sales, the survival space of Chinese truck companies in the Russian market will be greatly reduced!
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