EghtesadOnline: Iran Khodro Diesel, a subsidiary of IKCO, which manufactures heavy duty vehicles, on Monday signed a production deal with the South Korean firm Hyundai.
According to IKCO’s press office, the deal was signed by the Director of IKD Alireza Saji and one of Hyundai’s production managers, Edward Lee.
The two companies have a history of collaboration and IKD has produced several models of Hyundai trucks in the past.
“Through the deal new models of Hyundai trucks will be produced in Iran,” Financial Tribune quoted Saji as saying.
He said the agreement also calls for the production of buses and minibuses.
Last year and after the nuclear agreement known as the Joint Comprehensive Plan of Action came into effect, IKD and Germany’s Daimler signed a production deal. With the easing of sanctions, IKD is aiming to expand its operations through joint ventures with major foreign companies.