TEHRAN, Iran, November 1. Iran's Saipa Group has signed a Memorandum of Understanding (MOU) with the country's Association of Homogeneous Powertrain and Parts Manufacturing Industries, for mass production of affordable cars, Trend reports citing IRNA.
This memorandum was signed by the director general of Iran's Industry, Mine and Trade Ministry's Automotive Industry Department, Abdollah Tavakoli Lahijani, Mohammad Ali Teymouri Managing Director of SAIPA Automotive Manufacturing Group Company, and secretary of the Iranian Auto Parts Manufacturers Association (IAPMA) Arash Mohebinejad.
The MoU was signed on the sideline of Iran's 17th International Auto Parts Exhibition which kicked off on Sunday at Tehran Permanent International Fairgrounds.
According to the MoU, a consortium consisting of selected parts manufacturers for the production and delivery of parts should be formed.