First Iran-France joint vehicles to hit market within months

Business Materials 23 October 2017 17:37 (UTC +04:00)

Baku, Azerbaijan, Oct. 23

By Khalid Kazimov – Trend:

An Iranian and French car manufacturing joint venture is expected to release its first products in the early months of the coming fiscal year (starting March 21).

The head of SAIPA-CITROEN Company, Fariborz Shahbaz, has said that the foreign side has invested in providing infrastructure, Iran's news channel IRINN reported.

He further added that the company seeks to produce 70 percent of the required car parts domestically.

Earlier this year PSA Group signed a framework deal with the Iranian counterpart, SAIPA, to produce and sell vehicles for its Citroen brand in the country.

Initial reports suggested that Citroen and its Iranian partner had decided to invest 300 million euros over five years in manufacturing, research and development.