Jul 20, 2016, 4:30 PM

IKCO, Peugeot to release 1st joint product within months

IKCO, Peugeot to release 1st joint product within months

TEHRAN, Jul. 20 (MNA) – IKCO CEO said the first joint product of Iran Khodro Industrial Group and Peugeot Car Company will become available in March 2017.

Hashem Yekkeh Zare said the Iranian and French sides each deposited more than 15 million dollars in the joint account giving a total of about 30 million dollars indicating official launch of IKCO-Peugeot Joint Venture (IKAP); “the new joint firm is scheduled to release its first product by March, 2017 on the basis of a contract which requires the French party to transfer new technology to Iran.”

Pointing to the held negotiations for launching joint venture activities with other eminent automakers, the official said “so far, talks have been conducted with six firms with two agreements going through final stages.”

Yekkeh Zare also touched upon the made efforts to reach new export markets asserting “volume of Iran’s car exports doubled in 2015 as compared with the figure for 2014.”

“The shared contract with Peugeot required that at least 30 percent of products will be devoted to regional markets which plays a significant role in development of the country’s automobile exports,” he emphasized.

IKCO CEO also announced the domestic production of Peugeot 207i car in Hatchback and Sedan models noting “the new products have been manufactured with indigenous auto parts without the need to rely on Peugeot and will be introduced to the market in January 2017.”


News ID 118246


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