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GAZ Group
GAZ Group
GAZ Group
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GAZ Group (Russian: Группа ГАЗ) is a Russian automotive conglomerate headquartered in Nizhny Novgorod. It comprises 18 manufacturing facilities in eight regions of Russia, as well as sales and service organizations.

Key Information

GAZ Group is the leading manufacturer of commercial vehicles in Russia. GAZ Group produces light commercial and medium-duty vehicles (GAZ), buses PAZ, KAvZ, LiAZ, cars, powertrain (YaMZ and UMZ) and automotive components. The market shares of the company: about 50% in the light commercial vehicles segment, 58% in the segment of medium-duty trucks, 42% in the all-wheel drive heavy-duty trucks segment and about 65% in the bus segment.

The main entity "GAZ Group" - OJSC "GAZ", refers to the Office "Management Company" GAZ Group. The "GAZ Group" is a holding company, consolidated around OAO GAZ, bringing together a number of industrial machinery sectors, which are mainly subsidiaries of OJSC GAZ. Management Company GAZ Group was created on September 28, 2006 and is 100% owned by OJSC "GAZ". In 2022, the company's revenue amounted to 4.6 billion rubles.[3]

History

[edit]
Gorky Automobile Plant
Likinsky Bus Factory
GAZelle NEXT, Gorky Automobile Plant
GAZelle NEXT, Gorky Automobile Plant

GAZ Group was founded in 2005 as a result of the restructuring of the production assets of Ruspromavto, which existed from 2001.

In August 2006, Gaz Group's military technology enterprises JSC Arzamas Machine-Building Plant, in Viksa, and JSC Barnaultransmash became the independent Military Industrial Company to ensure the separation of automotive business of Russian Machines into public (GAZ Group) and non-public (Military-Industrial Company) assets.

In the summer of 2006 "GAZ Group" acquired UK based manufacturer of light trucks LDV Holdings (Birmingham) for $40,670,000. In the spring of 2009 in connection with the marketing of the crisis caused by, including the global economic crisis, LDV Holdings came under bankruptcy and in early May 2009, GAZ Group agreed to sell the company to Malaysian carmaker Weststar.

In 2008, "GAZ Group" has agreed to buy 50% of Italian VM Motori and localization of its engines. Closing of the transaction was to take place after the approval of the antitrust authorities. GAZ Group has also entered into an agreement with General Motors who controlled 50% of VM Motori on the basis of co-ownership of the Italian company. In mid-2009, the deal was canceled in the aftermath of the economic crisis.

Owners and management

[edit]

The joint stock company is managed by the Board of Directors whose Chairman, Mr. Wolf, is the sole executive body is the Management Company GAZ Group.

Shareholders of OJSC "GAZ" are:

  • JSC Russian Machines - 61.05% of the ordinary shares;
  • Minority shareholders - 38.79%;
  • Government - 0.16%[4]

The company's capitalization at the end of the I quarter of 2008 was $3.3 billion.

Composition

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Divisions

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GAZ Group is divided into five divisions (activities), the structure of each of which are production plants and sales organizations.[5]

Companies

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See also

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References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

GAZ Group

View on Grokipedia
from Grokipedia
GAZ Group is a Russian automotive headquartered in , formed in 2005 on the basis of the historic automobile plant established in 1932, specializing in the design, manufacture, and sale of commercial vehicles, buses, powertrains, and automotive components. GAZ Group is majority-owned (61%) by JSC Russian Machines, part of the Basic Element group controlled by . As Russia's largest producer of light commercial vehicles, it holds approximately 50% of the domestic market in that segment and exports its products to more than 40 countries worldwide. The company's product portfolio includes iconic brands such as the line of light commercial vehicles, medium- and heavy-duty trucks under the Valdai and Ural marques, buses produced by subsidiaries like PAZ, KAvZ, and LiAZ, as well as over 500 types of specialized vehicles for sectors including utilities, emergency services, and defense. GAZ Group operates 18 manufacturing facilities across eight Russian regions and employs over 112,000 people, making it one of the country's major industrial employers. Its history traces back to the Soviet era, when the original GAZ plant—initially built with assistance—produced millions of vehicles, including trucks like the and , contributing significantly to wartime efforts during by manufacturing tanks, armored vehicles, and artillery components. In recent years, GAZ Group has focused on modernization and innovation, introducing models like the GAZelle NEXT in 2013 and expanding into electric and hybrid powertrains to meet evolving market demands and environmental standards. The company previously formed strategic partnerships with global firms such as Daimler, , and to enhance and production capabilities, though many were suspended following Western sanctions in 2022. It maintains its position as a key player in Russia's automotive sector amid ongoing economic challenges.

History

Founding and Early Development

The GAZ Group was established in January 2005 through the restructuring of the production assets of RusPromAvto, a formed in 2001 to consolidate key automotive enterprises under the control of Siberian Aluminum (Sibal), led by . This reorganization transformed RusPromAvto into a unified machine-building holding focused on commercial vehicles, buses, and powertrains, aiming to streamline operations and enhance competitiveness in the Russian automotive sector. The initial emphasis was on integrating fragmented assets to create a vertically integrated entity capable of managing design, production, and activities across multiple facilities. A pivotal early milestone was the incorporation of the Gorky Automobile Plant (GAZ), originally founded in 1932 as a major Soviet-era facility for light commercial vehicles and trucks, which became the core production hub of the new group. Headquartered in Nizhny Novgorod, Russia—where the GAZ plant is located—the group leveraged the city's established industrial infrastructure to centralize administrative and operational functions. This setup facilitated the consolidation of other regional plants, such as those for buses and engines, under a cohesive management framework, marking the shift from disparate operations to a coordinated holding structure. To oversee day-to-day activities, the Management Company GAZ Group was launched on September 28, 2006, as a wholly owned of (OJSC) GAZ, responsible for , financial coordination, and performance monitoring across the group's entities. This entity played a crucial role in the early development phase by implementing efficiency measures, including labor productivity improvements introduced in 2003 that were carried forward into the group's operations. By late 2006, these efforts positioned GAZ Group as a dominant player in Russia's market, setting the foundation for subsequent expansions.

Expansion and Acquisitions

In 2006, GAZ Group pursued international expansion by acquiring the -based manufacturer LDV Holdings for £50 million (approximately $93 million), marking its first major overseas purchase. The deal integrated LDV into GAZ International, a newly formed subsidiary, with plans to modernize the Birmingham facility, increase production capacity for models like the van, and leverage LDV's expertise to enhance GAZ's global offerings while exporting to new markets. However, amid the global financial crisis, LDV entered administration in due to mounting losses and liquidity issues, leading GAZ to attempt a sale to Malaysian firm Weststar before the assets were ultimately auctioned off to Eco Concept Holdings. To streamline operations and emphasize civilian vehicle production, GAZ Group reorganized its military assets in 2006 by establishing the Military Industrial Company (MIC) as a dedicated entity under the broader Russian Machines holding, which housed like and Barnaultransmash for specialized defense vehicles such as the . This separation allowed GAZ to concentrate resources on commercial trucks, buses, and passenger vehicles without diverting focus to military contracts, aligning with its strategy to dominate Russia's market. In , sought to bolster its capabilities through an attempted acquisition of a 50% stake in Italy's VM Motori from , forming a with , which already held the other half, to localize production and develop advanced engines for 's lineup. The deal, signed in August 2008, aimed to address 's need for modern diesel technology amid rising demand for efficient powertrains. However, it was canceled in February 2009 as the intensified, forcing to suspend non-essential investments and prioritize domestic survival. By 2010, GAZ Group had expanded its domestic footprint to 18 production facilities across eight Russian regions, including key sites in , Pavlovo, and , significantly boosting output capacity for trucks and buses to meet growing market needs and support localization efforts. This network enhancement, part of a broader reorganization, positioned GAZ as Russia's leading producer, with improved and regional efficiency.

Post-2010 Challenges and Sanctions

The global of 2008-2009 significantly affected GAZ Group, causing a 58% net profit decline to 5.3 billion rubles in the first half of 2009, driven by a sharp drop in demand from the fourth quarter of 2008 onward. also prompted production cuts, including a 23.4% reduction in truck output in September 2008 and subsequent shutdowns to align with decreased market needs. These challenges forced the cancellation of several international partnerships and acquisitions planned prior to the downturn, exacerbating revenue dips and operational disruptions into the early 2010s. Western sanctions escalated from 2014 in response to Russia's annexation of and the conflict in , initially targeting individuals and entities linked to the Russian . GAZ Group was specifically designated by the U.S. Department of the Treasury's (OFAC) on April 6, 2018, under Executive Order 13662, for being owned or controlled by and Russian Machines, with Deripaska identified as an oligarch exerting substantial influence over the Russian economy on behalf of the engaged in malign activities related to . The designation blocked GAZ's property and interests in the U.S. and prohibited U.S. persons from transactions with the company, though implementation was deferred multiple times to facilitate divestment efforts. Full U.S. sanctions on GAZ Group took effect on May 25, 2022, after the expiration of the latest general without renewal, ending authorizations for or wind-down activities and fully restricting dealings with the company due to its persistent ownership ties to the sanctioned Deripaska. This move was part of broader sanctions waves following Russia's full-scale invasion of in February 2022, which intensified restrictions on Russian entities across sectors. The sanctions severely strained GAZ's operations, blocking access to blocked funds accumulated since 2018 and heightening risks for the automaker, which employs over 40,000 people. In May 2024, OFAC exposed and designated entities involved in an attempted sanctions evasion scheme orchestrated by , utilizing shell companies such as Titul, Iliadis, and Rasperia Trading Limited to acquire and sell over $1.5 billion in his frozen shares in a European company, aiming to circumvent restrictions tied to his sanctioned status and ownership interests. The scheme, coordinated with Russian national Dmitrii Beloglazov, highlighted ongoing efforts to exploit opaque corporate structures for evasion, resulting in additional U.S. designations under 14024. Post-2022, GAZ Group adapted to the sanctions environment by prioritizing domestic sales and production within , as international restrictions limited dealings with U.S. persons and secondary sanctions deterred . Exports to over 40 countries, including many in and , were significantly reduced due to compliance risks and blocked supply chains. The company shifted emphasis toward military vehicle manufacturing, such as Ural trucks used in defense operations, to support 's wartime needs amid restricted commercial markets. As of November 2025, no major ownership changes have occurred, with Deripaska retaining control through Russian Machines despite ongoing sanctions pressure.

Ownership and Management

Ownership Structure

GAZ Group, officially Public GAZ, has a majority ownership stake held by JSC Russian Machines, which controlled 61.05% of the ordinary shares as of 2015. This entity, part of the Basic Element industrial group founded by Russian billionaire , exercises indirect control over the company through its holding structure. The remaining equity was distributed among minority shareholders, who collectively held 38.79% as of , including a nominal stake of 0.16% attributed to the Russian government. These minority interests reflect a diverse base of investors, though specific breakdowns beyond the majority holder are not publicly detailed in recent disclosures. GAZ Group's shares have been publicly traded on the under the ticker GAZA.ME since the early 2000s, originating from the of the predecessor Ruspromavto established in 2001. This listing has led to gradual dilution of initial concentrated stakes as additional shares were issued to support expansion and financing needs. International sanctions were imposed on personally in April 2018, with GAZ Group designated for its ties to him and Russian Machines. Subsequent U.S. general licenses have allowed limited operations, including wind-down activities and certain transactions, with extensions through at least 2022. Deripaska's influence via JSC Russian Machines has continued indirectly, though the company has navigated restrictions through operational adjustments. No confirmed divestitures have altered the core structure based on available up to 2022.

Key Executives and Governance

The Board of Directors of GAZ Group provides strategic oversight, with Siegfried Wolf serving as Chairman since his appointment in 2013 in connection with the company's ownership structure under Russian Machines, a holding linked to . Other key board members include Manfred Eibeck, an with prior roles in automotive management; Valery Shantsev, a former governor of ; Elena Matveeva, focused on financial and legal affairs; and Maxim Nagaytsev, involved in operational strategy. The board operates through the Management Company GAZ Group as the sole executive body, ensuring alignment with the company's manufacturing priorities. Vadim Nikolaevich Sorokin has led as Group President and CEO since 2013, overseeing the executive committee's responsibilities for day-to-day operations, including and production optimization amid imposed since 2018. Under Sorokin's leadership, the executive team has prioritized efficiency measures, such as component localization to mitigate import restrictions from Western suppliers like Daimler, which suspended cooperation following U.S. sanctions. GAZ Group's adheres to Russian No. 208-FZ on Joint-Stock Companies, featuring annual general meetings of shareholders for approving major decisions and electing board members. In response to U.S. sanctions designating the company for its ties to Deripaska, adaptations include restricted engagement with foreign entities, limiting new international board appointments while retaining existing non-Russian members like Wolf and Eibeck for continuity. Key strategic decisions under current emphasize sustained in to enhance vehicle technologies, with historical allocations such as 17 billion rubles (approximately $540 million at the time) committed to new products and R&D from 2013 to 2015, reflecting a continued focus on despite ongoing sanctions constraints. As of 2022, this approach supports adaptations like domestic development to maintain competitiveness in restricted markets.

Business Composition

Core Divisions

The division serves as the primary unit for assembling s within GAZ Group, specializing in models like the series that cater to urban delivery, cargo transport, and passenger needs. This division operates from the flagship Gorky Automobile Plant in , where advanced assembly lines integrate bodywork, chassis, and electronics to produce versatile vehicles adapted for Russian road conditions and export markets. It holds approximately 50% of the Russian market as of 2024, underscoring its dominant position in domestic and sectors. GAZ Group's bus divisions—Pavlovsky Bus Plant (PAZ), Bus Plant (KAvZ), and Likino Bus Plant (LiAZ)—focus on manufacturing a range of buses for urban transit, , and specialized applications such as school and electric models. PAZ emphasizes affordable city and suburban buses at its facility in Pavlovo, while KAvZ in produces rugged and off-road variants, and LiAZ in Likino specializes in low-floor urban buses with modern amenities. Collectively, these divisions command about 80% of the domestic bus market as of 2019, enabling GAZ to supply major Russian municipalities and regional operators with tailored, high-volume production. The powertrain divisions, (YaMZ) and Ulyanovsk Motor Plant (UMZ), handle the design and production of diesel engines, gas engines, and transmissions essential for 's trucks, buses, and commercial vehicles. YaMZ, located in , specializes in robust heavy-duty engines compliant with Euro-5 standards and suitable for demanding applications, while UMZ in focuses on efficient medium-duty power units for lighter vehicles. These divisions are key suppliers of powertrains for GAZ Group's commercial vehicles and some external manufacturers, supporting the company's leading position in the Russian truck market. Across these core divisions, GAZ Group achieves seamless integration throughout the vehicle lifecycle, from development to final assembly, primarily at facilities in , , , Pavlovo, Kurgan, and Likino, fostering efficiency and customization for domestic and export demands. In 2025, the group faces operational challenges including labor shortages and reduced workweeks due to market declines.

Subsidiaries and Joint Ventures

GAZ Group's wholly-owned subsidiaries primarily focus on bus production and powertrain manufacturing, enabling within the sector. The Pavlovsky Bus Plant (PAZ), located in Pavlovo in the region, specializes in medium-sized city and intercity buses, contributing to the group's bus division output. Similarly, the Kurgan Bus Plant (KAvZ) in produces urban and suburban buses, including models adapted for engines to meet environmental standards. The Likino Bus Plant (LiAZ) in Likino-Duly, region, manufactures low-floor city buses designed for high-capacity . In powertrain production, the Yaroslavl Motor Plant (YaMZ) in Yaroslavl develops and assembles diesel engines ranging from 130 to 800 horsepower, powering heavy-duty trucks and buses within the group. The Ulyanovsk Motor Plant (UMZ) in Ulyanovsk focuses on gasoline and diesel engines for light and medium commercial vehicles, supporting the group's core assembly operations. The Military Industrial Company (MIC), a division under GAZ Group, handles defense vehicle production, including armored variants of the multipurpose vehicle manufactured at facilities in . As of 2025, GAZ Group encompasses approximately 18 manufacturing facilities across eight Russian regions, along with associated sales and service entities, forming a network of around 20 companies in total. Regarding joint ventures, GAZ Group has pursued limited partnerships amid , with historical integrations like the 2006-2009 ownership of UK-based LDV Holdings leaving remnants in technology licensing for light vans, though full occurred in 2009. Current collaborations are minor and primarily with Russian firms for component development, including efforts in technology to adapt to restricted import environments; however, specific active joint ventures remain constrained by geopolitical pressures. These subsidiaries and ventures strategically bolster in a sanctioned market, allowing localized production of critical components.

Products and Operations

Vehicle Production

GAZ Group's lineup centers on the , Sobol, and Valdai series, which are designed for urban delivery, cargo transport, and versatile applications. The series, including the GAZelle Next, features modular body configurations such as panel vans with up to 13.5 cubic meters of cargo volume and payloads reaching 2.6 tons in enhanced models. Since 2021, GAZ has introduced electric adaptations like the GAZelle e-NN, Russia's first serial commercial with a gross of 4.6 tons and up to 2.5 tons, alongside the E35 variant offering a 200 km range and 1-ton for short-haul operations. The Sobol series complements this with compact vans and minivans, including 4x4 models like the Sobol NN tailored for and delivery services, emphasizing maneuverability in city environments. The Valdai series, reintroduced as Valdai Next in serial production from 2021, targets medium-duty needs with a 6.7-ton gross and 3.8-ton , suitable for urban . In medium- and heavy-duty segments, produces the models and heavy-duty trucks under the Ural marque, prioritizing modular designs that allow customization for , , and off-road tasks. The Next, a truck, supports payloads in drop-side configurations with a gross of 6.85 tons, enabling adaptations for bulk transport and specialized superstructures like tippers. Ural trucks feature scalable platforms for heavy-duty applications, with emphasis on durability for sites, long-haul , and use through interchangeable components and robust . The bus portfolio includes models from LiAZ and PAZ plants, alongside intercity options from KAvZ, with advancements toward low-floor and electric variants by 2025. LiAZ buses, such as the low-floor LiAZ-5292 series, accommodate up to 114 passengers with designs facilitating for reduced-mobility users. PAZ contributes small to mid-size buses, while KAvZ produces low-entry models like the KaVZ-4270 LE, a 10.34-meter vehicle optimized for high-density urban routes. Electric prototypes, including the 18-meter e-CITYMAX with 140-passenger capacity and the LIAZ-5292-based for 75 passengers, demonstrate GAZ's shift toward zero-emission , with serial production of electric minibuses like the e-City underway. Across its and affiliated plants, maintains an annual production of approximately 50,000 vehicles, encompassing light commercials, trucks, and buses, though output has been constrained by post-2020 sanctions limiting imports of components. To counter these restrictions, the group has invested in upgrades, including localized assembly lines and enhanced systems, ensuring compliance with Euro-5 standards while sustaining modular production processes.

and Components Manufacturing

GAZ Group's powertrain manufacturing is centered on its subsidiaries, the Yaroslavl Motor Plant (YaMZ) and Ulyanovsk Motor Plant (UMZ), which produce a range of diesel, , and alternative-fuel engines for commercial vehicles. YaMZ specializes in heavy-duty diesel and gas engines, including the YaMZ-536 series, a six-cylinder inline diesel unit with a displacement of 6.65 liters, offering power outputs from 240 to 312 horsepower for applications in trucks like the Ural NEXT. The YaMZ-530 family extends this capability, providing inline-six configurations from 120 to 330 horsepower while meeting Euro-5 emission standards, with enhancements in and delivery up to 1,229 Nm. UMZ focuses on lighter and bi-fuel engines for and light trucks, such as the UMZ-4216 2.5-liter inline-four, delivering approximately 123 horsepower, and the EvoTech 2.7-liter variant tuned for 149 horsepower in models like the GAZelle Next. Across both plants, outputs generally span 100 to 400 horsepower, supporting diverse vehicle payloads and operational demands in and . Transmission systems at GAZ Group emphasize integration with in-house engines to optimize , including manual gearboxes produced for light and medium-duty applications. These include five- and six-speed manual units paired with UMZ and YaMZ engines in and GAZon Next vehicles, designed for durability in off-road and urban environments. For heavier trucks like the Ural NEXT, GAZ incorporates both YaMZ manual transmissions and ZF automated manuals to handle torque loads up to 1,600 Nm, with ongoing focused on reducing fuel consumption through gear ratio optimizations and lightweight materials. Automatic transmissions remain limited but are explored in joint ventures, such as adaptations for models assembled under license, prioritizing seamless power delivery and efficiency gains of up to 10% in urban cycles. Ancillary components manufacturing supports GAZ's vertical integration, with in-house production of axles, chassis elements, and basic auto-electronics to enhance vehicle reliability and reduce dependency on imports. Key facilities produce hypoid axles and reinforced propeller shafts for the Ural and GAZon series, featuring upgraded designs that extend service life by 20-30% under heavy loads. Chassis frames, including ladder-type structures for SUVs and trucks, are fabricated at dedicated sites, as seen in the mass production of frames for the Mitsubishi Pajero Sport with both manual and automatic variants. Auto-electronics encompass wiring harnesses and control modules for engine management, contributing to overall localization efforts that exceed 60% for core assemblies in domestic models, aligned with Russian industrial policies. Innovations in powertrains reflect GAZ Group's adaptation to environmental regulations and geopolitical pressures, including a pivot toward (CNG) and electric systems by 2025. YaMZ initiated serial production of the YaMZ-530 CNG series in 2016, offering four- and six-cylinder options from 150 to 312 horsepower, compatible with Euro-6 standards and reducing CO2 emissions by up to 25% compared to diesel equivalents, driven by Russian subsidies for gas infrastructure. For , GAZ has developed battery-electric and fuel-cell powertrains, such as the 12-meter Citymax bus with a Loop Energy fuel-cell system delivering 200 kW, supported by import substitution initiatives amid Western sanctions that accelerated domestic R&D funding. These advancements enable zero-emission operations in urban fleets, with prototypes like the hydrogen-powered GAZelle City targeting commercial rollout by late 2025.

Financials and Market Position

Revenue and Performance Metrics

In 2017, GAZ Group's revenue amounted to $2.82 billion (equivalent to 164.64 billion rubles), reflecting steady growth in sales and component production. The reported operating income of approximately 5 billion rubles and net profit of $56 million (3.5 billion rubles), supported by improved and contributions. Total assets stood at approximately 111.8 billion rubles ($1.93 billion), while equity was around $60.3 million, indicating a solid amid expanding domestic demand. By 2022, GAZ Group experienced a post-sanctions dip in profitability, recording no net profit for the year due to restricted access to international markets and disruptions. Recovery efforts focused on bolstered domestic sales, particularly in light commercial vehicles and buses for government and sectors, helping stabilize operations amid Western sanctions. In 2025, GAZ Group faced sales declines, with medium-duty trucks down approximately 40%, light commercial vehicles 30%, and buses 60% in the first half of the year, driven by labor shortages following the introduction of a in July that reduced wages by about 20%. The workforce, over 112,000 employees, focused on production efficiency despite these challenges.

Domestic and Export Markets

GAZ Group maintains a strong dominance in the Russian domestic market for commercial vehicles, particularly in segments aligned with its production focus. In light commercial vehicles, the company holds approximately 50% as of October 2025, driven by popular models like the series that cater to urban and needs. For medium-duty trucks, GAZ commands around 58% of the market, benefiting from its established manufacturing base in and adaptability to local infrastructure demands. In heavy-duty trucks, it secures about 42% share, competing effectively in construction and freight applications despite growing Chinese imports. The bus segment sees GAZ leading with roughly 80% , supported by urban transit contracts and specialized models for . Prior to 2022, GAZ Group's exports reached over 40 countries, including (CIS) nations like and , as well as markets in such as and , where its affordable, rugged vehicles found demand in emerging economies. Following Western sanctions imposed in 2022, export activities have significantly contracted, with a strategic pivot toward non-Western regions. Shipments have concentrated on (e.g., and ) and (e.g., and ), where geopolitical alignments and lower regulatory barriers facilitate continued trade despite logistical challenges. In the competitive landscape, faces domestic rivals such as , which dominates heavy trucks, and Ural Motors, specializing in off-road and variants, both benefiting from state support in the post-sanctions era. Pre-2022, foreign competitors like held notable shares in premium segments through local assembly, but restrictions have elevated 's position by limiting access to European and . To sustain growth, leverages government-backed initiatives, including subsidized fleet replacement programs for public and commercial operators, which prioritize domestic manufacturers to modernize Russia's aging vehicle stock. Additionally, the company is advancing into the (EV) market, targeting a share in commercial EVs by 2030 through partnerships for battery localization and alignment with national goals.

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  60. https://www.reuters.com/world/europe/us-shortens-extension-gaz-group-general-licenses-over-tensions-with-russia-2022-01-24/
  61. https://rs.linkedin.com/company/gaz-group-company
  62. https://m.eng.autostat.ru/news/amp/26959/
  63. https://eng.autostat.ru/news/26960/
  64. https://tracxn.com/d/companies/gaz-group/__xnaDbIWcF4QFdUfLUraGgulSnFXkWMywx5Hi8hYH-aM
  65. https://www.techsciresearch.com/report/russia-commercial-vehicle-market/30391.html
  66. https://www.fortunebusinessinsights.com/russia-commercial-vehicle-market-106318
  67. https://www.bloomberg.com/news/articles/2021-08-24/russia-s-electric-car-strategy-to-cost-8-billion-through-2030
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