Businessman Ruben Vardanyan, currently imprisoned in Azerbaijan on politically motivated charges, has completely withdrawn from Russia’s automotive industry by selling his stake in the Atom electric vehicle project.
He has transferred his 25% share in Voskhod LLC, the main shareholder of Kama, to the company itself, according to Kommersant.
Following this transaction, the remaining co-owners of Voskhod are KAMAZ CEO Sergey Kogogin (37.5%) and Spektr LLC (37.5%).
In 2024, Vardanyan had also ceased his involvement in KAMAZ. Analysts believe his withdrawal from the Atom project is due to personal complications stemming from his arrest and legal situation.
Kama has confirmed its intention to launch mass production of the Atom EV by the end of the year at the Moskvich plant.
In a prior statement, Vardanyan said he has not provided any testimony since his arrest, apart from stating his name. He added that all documents bearing his signature are falsified and that he, his lawyer, and translator have been subjected to pressure.
