Financial Tribune- Inauguration of Iran Khodro-AzEuroCar LLC joint production plant known as Azermash is scheduled for March, the JV’s Azeri chairman of the board told reporters over the weekend.
“Car production will begin at Azermash factory in March,” Emin Akhundov was quoted as saying by Azernews. The production plant is located in Neftchala Industrial District in the southeast of the Republic of Azerbaijan.
He added that the two sides have agreed on expanding the range of vehicles that will be assembled and produced at the plant.
According to earlier reports, Dena, Runna, Soren, and Samand were to be produced at the Neftchala site. Akhundov says that in addition to the four models, two Peugeot models namely 206 and 207 along with Renault Logan and a pickup truck based on Logan will be also assembled in Azerbaijan. The vehicles are to be priced at 10,000-12,000 manats ($5,800-$7,000).
Earlier reports said $15 million has been invested in the Azermash JV with IKCO putting up 25% of the initial investment.