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France's PSA, Iran's SAIPA sign joint venture accord

Xinhua, October 7, 2016 Adjust font size:

France's leading auto maker PSA and Iranian company of auto production SAIPA signed a joint venture accord to produce and sell Citroen in Tehran, the French group announced on Thursday.

The 50/50 joint venture "will cover the entire value chain, from the design stage right through to vehicle marketing, including purchasing," PSA said.

Under the accord, the two partners will invest more than 300 million euros (334.86 million U.S. dollars) in manufacturing and R&D capacity over the next five years, it added.

Production will start in 2018 at Kashan plant in Iran, according to the statement.

"With more than 50 years of presence in Iran, PSA Group through this new strategic partnership is clearly committed to the deployment of a rich product plan that meets the expectations of Iranian clients," said Carlos Tavares, PSA Chairman. Endit