• Samba 65 00% 56.65%
    Joga2002 635.254 50% 63.63%
    Bra52 69 23.145% -63.25%
    Joga2002 635.254 50% 63.63%
  • HangSang20 370 400% -20%
    NasDaq4 33 00% 36%
    S&P5002 60 50% 10%
    HangSang20 370 400% -20%
    Dow17 56.23 41.89% -2.635%

EghtesadOnline: Director of South Korea's Hyundai Motors for Middle East and Africa office Mike Song, signed a production agreement with Iran's Kerman Motors to start production of the Elantra model in Iran, Financial Tribune reported.

Representatives of both firms signed the deal in Kerman on Monday.

Chief executive of Kerman Motor Saman Firouzi said that his firm will also launch Hyundai Accent production line in September 2017, according to ISNA.

"Our target is to employ 10,000 people by 2019," he added.

The company previously agreed with Hyundai at the end of 2016 to begin production of the Hyundai i10 and i20 hatchback models which are likely to go on sale following the Iranian New Year.

The new agreement follows a similar deal with Kerman Motors dating back to 2004 when the company used to produce the Accent model in the company's base.

Iran Auto Hyundai Iran auto industry Elantra Kerman Motor Mike Song