Iran Khodro Company to produce 100,000 Peugeot 301 cars
Baku, Azerbaijan, July 17
By Elnur Baghishov - Trend:
Iran Khodro Company (IKCO) will produce 100,000 Peugeot 301 cars initially and increase the annual production up to 250,000 cars in the next four years without any support from Peugeot, CEO Hashem Yekke Zareh said, Trend reports via PressTV.
Yekkeh Zareh noted that IKCO plans to begin the mass production of Peugeot 301 at the beginning of the next Iranian year (starts March 21, 2020), adding that Iran’s largest carmaker had put investments worth 60 million euros in the project.
Yekkeh Zareh insisted that the car will keep the logo and name of France’s Peugeot despite that the company reneged on its promises and left the Iranian market in June 2018.
“Ultimately, these cars belong to Peugeot,” he said, adding that the IKCO will launch similar production lines for Peugeot 208 and 2008, the models that were supposed to be produced in Iran as part of a contract signed in January 2016.
French auto giant PSA – the makers of Peugeot and Citroen – announced in June 2018 that it will stop operations in Iran to avoid US sanctions. In May 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and imposed sanctions against Iran in November of the same year.