0316 GMT February 17, 2019
According to Trend News Agency, the company noted in its statement that it is currently holding talks on supplying cars to these countries. In general, there are plans to supply about 20 percent of the plant's output to foreign markets.
Presently, the plant produces Khazar LD and Khazar SD models.
In the near future, the factory plans to set up production lines for Renault and Peugeot brands, which will cost 18,000-21,000 manats ($10,600-$12,350). The cost of cars presently produced at the plant is 14,000-16,000 manats ($8235-$9410).
Khazar car plant is located in southeast Azerbaijan in the Neftchala Industrial District. All cars produced comply with Euro 5 standards.
On Aug. 6, 2016, a major Iranian automaker Iran Khodro and Azerbaijani company Azeurocar (a subsidiary of AzerMash) signed an agreement to establish a joint automobile factory in Neftchala.
The total cost of the project is estimated at 24 million manats ($14.1 million). Azerbaijani investment in the factory was 75 percent while the Iranian side invested 25 percent.