Iran, Azerbaijan car JV to come on stream in several months

Business Materials 26 December 2017 15:48 (UTC +04:00)

Baku, Azerbaijan, Dec. 26

By Farhad Danedshvar – Trend:

Iran and Azerbaijan joint car plant is expected to be commissioned in March 2018, a senior official with the Joint Venture told Trend.

Emin Akhundov, the Chairman of Management Board of the Azerbaijani-Iranian car plant Azermash OJSC, has said that the preparation work is underway and hopefully the plant will be inaugurated in March 2018.

The car plant is being built in Azerbaijan’s Neftchala Industrial Site on the basis of an agreement signed with Iranian leading automobile manufacturer Iran Khodro.

IranKhodro officials earlier told Trend that the nominal capacity of the production line stands at 10,000 units per year and it is expected to produce about 5,000 cars in the first year after the inauguration of the first phase.

Dena, Runna, Soren and Samand are thought to be among the main products of the JV in the first phase.

According to Emin Akhundov, Azermash owns 75 percent of the joint venture and the rest belong to the Iranian side.

According to the initial estimations the project’s costs would total at 24 million manat.