Gazprom Takes Control of Russian Luxury Car Brand Aurus Amid Management Shakeup
Table of Contents
A complex ownership transfer has culminated in Gazprom Tech acquiring a controlling stake in Aurus, the Russian manufacturer of luxury vehicles favored by high-ranking officials, including President Vladimir Putin. The deal, finalized this summer, involved the consolidation of shares previously held by both foreign and domestic entities, and was reportedly driven by a demand for leadership changes within the company.
The shift in ownership underscores the Kremlin’s efforts to consolidate strategic industries and maintain control over key assets. The details surrounding the transaction reveal a layered process of stake acquisitions and transfers, ultimately placing the future of Aurus in the hands of a state-backed conglomerate.
From Abu Dhabi to Gazprom: A Timeline of Ownership
The recent acquisition includes the 36% stake formerly held by the Tawazun Fund of the Emirate of Abu Dhabi, as well as portions of the shares owned by the Russian state research institute NAMI.In December of last year, tawazun’s 36% share was already transferred to the Russian company Dedal, setting the stage for the current consolidation.NAMI previously held a considerable 63.5% stake, with the remaining 0.5% belonging to Hit Motors Rus, lead by Hans-Peter Moser, formerly of the Moskvich and Kamaz automotive brands.
Gazprom Tech, established in 2023 to integrate assets across the aviation, shipbuilding, and automotive sectors, now stands as the primary shareholder.according to a source familiar with the negotiations, Gazprom initially resisted acquiring the stake, but ultimately conceded under the condition that Aurus’s top management be replaced. This condition was met in September with the appointment of a new CEO.
Aurus: A Project Born of National Ambition
The Aurus project originated in 2013, when the Russian government tasked NAMI with developing a line of vehicles specifically for transporting the country’s leadership.A budget of 12.4 billion rubles was allocated to the initiative, reflecting the strategic importance placed on creating a domestically produced luxury car brand.
The resulting vehicles – available in sedan, minivan, and SUV body styles – are characterized by their high-end specifications. At their core is a 4.4-liter, twin-turbocharged eight-cylinder engine developed in collaboration with Porsche, producing 598 horsepower. Power is delivered to all four wheels via a nine-speed automatic transmission.The Aurus Senat limousine made its debut at President Putin’s inauguration in May 2018.
Future Plans: expansion and Chinese Partnership
While currently producing vehicles in limited quantities,Aurus has ambitions to broaden its market reach. The company plans to launch more affordable models, with production slated to begin in 2026 at the former Toyota plant in St. Petersburg. This expansion will be facilitated through a partnership with Hongqi, the luxury division of the Chinese automotive company FAW.
The move signals a potential shift towards greater collaboration with Chinese manufacturers as Russia navigates international sanctions and seeks new economic partnerships.
Why did this happen? The Kremlin sought to consolidate control over strategic assets, particularly in light of international sanctions. The demand for management changes at Aurus was a key condition for Gazprom’s acquisition.
Who was involved
