News ID: 167227
Published: 0658 GMT August 20, 2016

Volkswagen to sign deal with Iranian carmaker

Volkswagen to sign deal with Iranian carmaker

Volkswagen and an Iranian carmaker will sign a contract in the few days based on which the German and Iranian companies will produce cars in Iran, announced Iran's deputy minister of industry.

Mansour Moazami further said that Iran is also expected to sign four or five deals with foreign car making companies in the year to mid-March 2017, ILNA reported.

Two major Iranian carmakers recently signed contracts with foreign counterparts for joint car production. Iran-Khodro signed a deal with Peugeot while Saipa signed one with Citroen.

Iran produced 900,000 cars in the year to March 20, 2016. This figure, Moazami said, is expected to rise to 1.3 million by next March.

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