Automotive Parts Localization Expected to Save €74 Million

Iran’s major automaker Iran Khodro Company (IKCO) has helped save €69 million through the indigenization of auto parts production since the beginning of the current Iranian year (March 21).
According to Farshad Moqimi, the company’s CEO, the achievement was made possible by technological breakthroughs in the auto industry, the government’s news website Dolat.ir reported. 
“With the implementation of several projects designed to deepen indigenization efforts, the saving could optimistically rise to €74 million. We have missed this year’s early estimate of €133 million, but there is still hope for compensation in the following years,” he added.
Moqimi explained that in the last two years, IKCO has designed over 133 auto parts localization and vehicle design projects with domestic knowledge-based companies, 22 projects with the Defense Ministry and its affiliated producers, and 26 projects with the Islamic Revolution Guards Corps’ Aerospace Force.