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Volkswagen to sign deal with Iranian car maker

23 August 2016 7:35

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Volkswagen and an Iranian car maker are going to sign a contract in the few days to come, according to which the German and Iranian companies will produce cars in Iran, Iran’s Deputy Minister of Industry Mansour Moazami said.

By the end of the current Iranian fiscal year (March 20), Iran is expected to sign four or five deals with foreign companies in car making, the official said.

Two major Iranian car makers have recently signed contracts with foreign counterparts for joint car production. Iran-Khodro signed a deal with Peugeot, and Saipa signed one with Citroen.

Iran’s car production stood at 900,000 the last Iranian year.

Moazami said the number is expected to rise to 1.3 million this year.

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