TOKYO (Kyodo) -- Mitsubishi Fuso Truck and Bus Corp. said Thursday it will create a joint venture with top Russian truck maker Kamaz to manufacture and sell trucks in the Russian market.
Mitsubishi Fuso plans to manufacture its Canter small trucks at Kamaz's plant in Naberezhnye Chelny from around December and sell them under the Mitsubishi Fuso brand in the joint venture named Fuso Kamaz Trucks Rus, it said.
The Japanese company expects to initially produce 2,000 to 3,000 trucks a year in the fifty-fifty joint venture with Kamaz which produces mainly large trucks.
The joint venture will import major parts from Japan and assemble them in Russia, while increasing the ratio of local procurement gradually. It may produce midsize and large trucks in the future.
Mitsubishi Fuso's parent Daimler AG of Germany is under a business partnership with Kamaz and owns a 10 percent stake in the Russian firm.