Automaker set to produce 100,000 vehicles in Iran

The Nation reports that the carmaker has partnered with Iran Khodro, another automanufacturer.

As a result of this partnership, $435 million (N86.6billion) has been invested into a 50-year-old auto plant in Iran.

Over the course of five years, the plant is expected to produce Peugeot’s 208 hatchback, 301 sedan and 2008 crossover.

The plant should produce 100,000 vehicles by the second half of 2017, and twice as much at a later stage.

READ: Peugeot set to to manufacture 15,000 made-in-Nigeria cars per annum in 2 years

Peugeot Chief Executive Officer, Carlos Tavares, said, “this strategic agreement turns the page on the period of international sanctions and enables PSA and Iran Khodro to start a new chapter in their 30-year history of cooperation."