TEHRAN, Iran, October 5. Iranian automaker, SAIPA, has signed an agreement with Venezuela for joint auto production, Trend reports citing ILNA.
The agreement was signed by CEO of SAIPA Group Mohammad Ali Teymouri.
SAIPA Group would export its products to Venezuela in CBU (Completely Built Up) format in the first phase of cooperation.
Furthermore the two sides would launch a joint auto production line in the Venezuelan automobile manufacturing company, Venirauto, based on SKD (Semi Knock Down) format.