Italian truck manufacturer Iveco leaves Russia

The Italian truck and bus manufacturer Iveco Group is exiting from business in Russia and leaving the Iveco-AMT joint venture in Miass.

Reuters reports referring to a statement by Iveco CEO Gerrit Marx.

"The decision has been taken, we have transferred our stake to our (former) local partner, we're out," Marx said during a company presentation in Turin.

When asked about the financial terms of the deal, he replied: "It's not about finances."

Iveco had a 33% stake in the AMT truck assembly joint venture with a local partner. Earlier this year, Marx said Iveco had started assessing whether to exit the JV and that, in the meantime, it had suspended its participation in the JV's activities (and also in the sales on the Russian market).

The AMT joint venture was formed in 1994 and had a plan to produce between 600-700 trucks this year.

The production capacity of the enterprise is designed for the production of 2.5 thousand cars per year with a one-shift operation.