Iranian automaker’s foreign currency expenditure down by 17M euros

Business Materials 30 September 2019 11:32 (UTC +04:00)

Baku, Azerbaijan, Sept. 30

By Elnur Baghishov - Trend:

Iran Khodro Car Manufacturing Company has reduced its foreign currency expenditure by 17.41 million euros by producing 42 types spare parts in the country, said Farshad Moqimi, the company’s managing director, Trend reports citing Fars News Agency.

He said that these spare parts have been produced in cooperation with 23 local companies.

He added that cooperation is developed with 32 manufacturers to produce 67 types spare parts in Iran.

“With the manufacture of these spare parts in the country, a total of 698 million euros will be saved,” he said.

He noted that nine of these spare parts are produced en masse and mass production of another seven types of spare parts will start soon.

Iran Khodro Car Manufacturing Company plans to implement 148 projects on domestic production of spare parts during current Iranian year (from March 21, 2019 to March 21, 2020), and 110 projects in the next Iranian year (from March 21, 2020 to March 21, 2021). With the implementation of these projects, most of spare parts for cars in Iran will be produced domestically.