News ID: 112834
Published: 0429 GMT March 01, 2015

Iran finalizes new deal with Peugeot

Iran finalizes new deal with Peugeot

Iran said on Sunday that an agreement has been finalized with the French auto major Peugeot for the production of cars in the country.

Hashem Yekke-Zare, the managing director of Iran Khodro Industrial Group, has told reporters that the agreement with Peugeot has “exceptional terms” that cannot be compared with any previous deals with foreign auto makers, Press TV said.

“Based on the deal with Peugeot, a joint venture will be established with Iran Khordro,” Yekke-Zare has been quoted as saying by Mehr news agency.

“Peugeot will accordingly have to export 30 percent of the products that are produced in the joint venture,” he added. 

Yekke-Zare further emphasized that once the agreement with Peugeot is made operational, Iran and France will create a hub for the exports of cars in the Persian Gulf region.

He also said Iran Khodro is at the same time negotiating with a non-Asian partner whose name will be announced in the near future. 

Iran Khodro is the leading Iranian vehicle manufacturer with the current capacity of producing 600,000 vehicles a year.  

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