EghtesadOnline: Iranian-Chinese joint venture MG Pars has begun testing its new vehicle, the MG360 in Tabriz this week. The company will soon take pre-orders of the new sedan.
It will be priced at 530 million rials ($14,130) for the manual transmission vehicle and 630 million rials ($16,800) for the automatic version, according to local car website Asbe Bokhar.
The price for the base version of the MG360 was 170 million rials ($5,000) cheaper than previously reported on April 18.
The 50-50 joint venture was created three years ago between China’s SAIC Motors and AZVICO— a subsidiary of Iran Khodro Group based in the northwestern city of Tabriz, according to Financial Tribune.
Last September, CEO of AZVICO Nasser Naqdi had announced the production of the model saying “MG360 is the newest car to be produced in Iran.”
Naqdi said the price and production rate will be “determined by the market.”
At the time, he also said the two firms would invest $20 million each in the JV and in future direct investments would increase to $400 million later (2017-18).
The first units have been assembled from completely knocked-down parts. However, sources close to the company say the firm is aiming to increase its share in the production by launching spare part factories.
MG Pars already has an import distributer by the name of Media Motors, who sells other vehicles by the former British brand including the MG3, MG6, GT and GS models.