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. Last Updated: 07/27/2016

KamAZ Sales Up 13%, Says Demand Still Weak

Truck maker KamAZ boosted sales by 13 percent year on year to 6,000 units in the first three months of the year but said Tuesday that demand in Russia was still poor.

"The Russian market continues to remain weak," chief executive Sergei Kogogin told reporters, adding that the growth in sales was mainly because of exports.

KamAZ, in which Germany's Daimler has an 11 percent stake, is hoping to sell 28,500 trucks over the whole of 2010 as it recovers from a collapse in demand sparked by the global economic crisis.

Daimler publicly backed the company in February — albeit with a mere 1 percent increase to its previous holding of 10 percent — because of its hopes for long-term growth opportunities in the Russian market.

Daimler is expected to announce a cross-shareholding agreement with France's Renault, a fellow Russia market player via its 25 percent stake in Lada maker AvtoVAZ, later this week.