“kamaz” Celebrating a Jubilee on the Brink of Collapse

This year, “kamaz” has celebrated the 50th anniversary of its first truck. Against this background, the financial situation of the russian automotive giant turned out to be catastrophic.

At the end of 2025, “kamaz”’s net loss exceeded 37 billion rubles, which is 11 times more than a year earlier, when the loss was only 3.8 billion rubles. Gross profit plummeted almost 32 times, from 24.2 billion to paltry 757 million rubles, while sales profit turned into a loss of 22.9 billion rubles.

The heavy truck market in russia fell by 54% in 2025, having amounted to only 46,900 units. “kamaz”’s sales amounted to about 14,500 vehicles, which is by 16% fewer than a year earlier.

The crisis is deepening due to the high key rate of the central bank, the rise in the cost of loans, a 20% drop in spot transportation rates, market oversaturation, competition from cheap Chinese brands, and the workload of leasing companies’ warehouses. Margins have disappeared, while interest expenses have increased by 66% to 35.6 billion rubles, which is more than 11% of total revenue. The debt burden is approaching a critical level: total debt has increased by 19%.

In 2025, “kamaz” received more than 73 billion rubles in subsidies, of which 66.7 billion was compensation for expenses, which actually covers the disposal fee. Without these injections, the operating loss would have exceeded 100 billion rubles.