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. Last Updated: 07/27/2016

KamAZ, Daimler in Joint Truck Venture

BERLIN — Daimler AG said Thursday that it plans to form a joint venture with Russia's OAO KamAZ to make and sell Mercedes-Benz trucks, a move that deepens the two companies' existing cooperation.

Daimler's Mercedes-Benz Trucks and KamAZ signed a letter of intent Thursday on the planned venture, which would produce trucks in Russia and also sell Mercedes-Benz and Setra trucks and buses in the country. It did not give further details.

In July, KamAZ signed a similar agreement with Daimler's Mitsubishi Fuso Truck and Bus Corporation. Daimler said negotiations on forming that joint venture should be completed by late October.

Stuttgart-based Daimler acquired a 10 percent stake in KamAZ under a deal signed last December. It has been eager to enter the Russian truck market, citing its potential for strong growth.