Iran, Turkey plan joint car production

Iran and Turkey have begun talks on the joint production of an automobile for the Developing Eight (D8) countries, says the head of Iran’s largest carmaker.

Iran Khodro Company (IKCO) CEO Javad Najmeddin said he plans to negotiate with Turkish auto parts and car manufacturers on the joint project and how to finance it, IRIB reported, citing Turkish media.

He made the remarks in Istanbul, where he participated in the Iran-Turkey working forum.

The jointly-produced car will mainly target the markets of D8 member states, which consists of Iran, Turkey, Egypt, Indonesia, Nigeria, Malaysia, Bangladesh, and Pakistan.

Najmeddin said that he also held preliminary talks with D8 countries on the joint project and the production line should begin within two to three years.

IKCO produces 800,000 cars in Iran annually, accounting for 65 percent of Iranian auto market. It also exports its cars to 40 countries worldwide and has estimated annual revenue of USD 12 billion.