The Moscow government and Kamaz signed a cooperation agreement that provides for an investment of 5 billion rubles in the Moscow automobile plant Moskvich, follows from a document published on the website of the mayor’s office.
Financing will be provided within two months from the date of the agreement. “The parties agreed that within 60 (sixty) calendar days from the date of conclusion of the agreement specified in clause 2.1.2 of this agreement, they will provide financing for the company in the amount of 5,000,000,000 (five billion) rubles in shares equal to the share of participation of each of the shareholders companies in the authorized capital of the company, for the purpose of investing in the localization of component nodes and the adaptation of production capacities,” the document says.
By August 15, 2022, the parties must agree on the development strategy of Moskvich, by October 1, 2022, Kamaz or its affiliates have committed to acquire a 50% stake in the authorized capital of the plant. The parties also agreed on the target indicators of the enterprise – by December 31, 2022, at least 600 cars should be assembled at Moskvich, 200 of them with an electric motor. During 2023, the plant must assemble at least 50,000 vehicles (10,000 with an electric motor), in 2024 – 100,000 (20,000 with an electric motor). The Moscow government and Kamaz agreed to retain the entire workforce and develop a dealer network and after-sales service. The document was signed by Moscow Mayor Sergei Sobyanin and Kamaz General Director Sergei Kogogin.
On April 26, it became known that Renault decided to transfer a stake in its Renault Russia plant (formerly Avtoframos) to the Moscow government. Sobyanin then announced that the plant would produce cars under the Moskvich brand, and in the future, electric cars.
On May 19, Vedomosti reported, citing sources, that Kamaz was localizing the production of Chinese cars at a plant in Moscow. On July 20, it was reported that the development of the Kama startup, owned by Kogogin and co-owner of Kamaz, businessman Ruben Vardanyan, is being considered as a platform for Moskvich electric vehicles. Kama is not directly a Kamaz project. This is a project of a compact urban electric car, created by the startup of the same name. The Kama company was registered in August 2021 in Naberezhnye Chelny at the address of the main directorate of Kamaz. Kogogin and Vardanyan invested in a startup on a parity basis.