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EghtesadOnline: Iran Khodro CEO Hashem Yekezare says three new vehicles produced by the firm will be available in the market in the next few days.

The presale of the new models, namely Peugeot 2008, Tondar Plus and Dena Plus will start on June 22 and 24, he said, IRNA reported.

Tondar Plus is a face-lift version of the Renault (Dacia) Logan. The Dena+ model is an upgraded version of Dena sedan which the company claims offers better safety, having two more airbags.

The CEO also said the down payment for Peugeot 2008 will be 600 million rials ($16,085), with 15% Mosharehakat (partnership interest) – a Sharia-based partnership contract between the borrower and the lender – if the lender provides enough evidence to back their purchase – and 12% interest rate in case the customer cancels the contract prior to the delivery of the car, Financial Tribune reported.

Iranian car companies offer Mosharehakat payment as a way to get down payments before the cars are delivered – which also is compatible with the Central Bank of Iran’s directives on Islamic banking.

The production of the Peugeot 2008 was launched in March, as part of a joint venture between IKCO and the French giant automaker Peugeot called IKAP. Dena+ model will be produced in IKCO’s main facilities outside Tehran. 

As per the IKAP contract, 70% of Peugeot 2008’s parts will be supplied by domestic manufacturers and they are required to meet all international standards.

The car’s body is produced locally by one of the subsidiaries of IKCO, called TAM that makes the vehicle meet the bare minimum 30% localization need.

It is a compact SUV that will have to take on tough competition from the likes of the Renault Captur, Kia Soul and Nissan Juke. All of these front-wheel drive cars offer an SUV-like stance, urban-appropriate supermini dimensions, and low running and purchase costs.

The IKAP production line is set to roll more than 30,000 units out in the current year that began in March; however, during the first two months only 4 Peugeots came out of the production line and it seems far-fetched that the company can deliver the cars this summer.

IKCO Iran Khodro Hashem Yekezare Iran Auto Iran auto market Iran auto industry