Iran Khodro Subsidiary Attracts State Investment
EghtesadOnline: The government has invested 170 billion rials ($4.5 million) in a subsidiary of Iran Khodro in the northern Mazandaran Province, according to the head of the production plant.
CEO of IKCO Mazandaran, Omid Hosseininejad, said, “The government wants to modernize the production plant,” IRNA reported.
New production plants will be launched before the end of the current fiscal (started March 21). “The investment will boost IKCO Mazandaran’s output," he said without elaboration.
Since the beginning of the current Iranian year, the factory is operating in two shifts. It produces 140 Peugeot Pars sedans on a daily basis, Financial Tribune reported.
Hosseininejad said the company wants to increase production to 180 units per day.”
During the last fiscal IKCO Mazandaran produced 31,272 cars.
After inception in 2010, the company near the Caspian Seas has produced 100,000 cars. It has 350 workers.
Meanwhile, IKCO Mazandaran’s output during 11 months of the last fiscal was 28,712 -- a 29% increase m/m. Up until May 2016, the province produced 3% of all local-made cars.