LG Intl., Tehran sign deal to cooperate in developing EVs

TEHRAN, May 13 (MNA) – LG International Corp., the trading arm of South Korea's LG Group, said Friday that it has signed a tentative deal with the Iranian government to cooperate in developing electric vehicles and establishing necessary infrastructure.

Under the deal, LG International will work with local companies to develop electric vehicles and build charging stations. They also agreed to produce about 60,000 units of EVs by 2023.

Other details on the terms of the agreement were not known. Both sides are seeking to finalize the deal within this year.

LG International will oversee the project jointly with the Iranian government. Other affiliates, such as LG Electronics, LG Chem and LG Innotek, will lead efforts to develop batteries, electric motors and key auto parts, the company said.





News Code 116524


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