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EghtesadOnline: Italy's Pininfarina automotive design house has signed a €70 million commercial agreement with Iran Khodro Group for the development of a technological automotive platform on May 9.

The agreement between the two firms will help develop a modular automotive platform, able to house at least four different vehicles, and the first passenger car of the medium segment of the market, a press release from the Italian firm said.

The 36-month deal by the two auto firms will see a new concept architecture developed as well as a new design concept for future vehicles.

Chief Executive Officer of Pininfarina Group Silvio Pietro Angori said following the deal: “The agreement with Iran Khodro represents another important step in the growth strategy of Pininfarina on markets of the new Silk Road and the Middle East, according to Financial Tribune.

He added, "We are happy to contribute to the development of the Iranian Automotive industry through a very significant style and engineering program for our company.”

Iran Khodro Iran Auto Iran auto industry Pininfarina