Domestic Firms Sign Deal for Production of Economy Cars

SAIPA Corporation has signed a memorandum of understanding for the production of economy cars with the Association of Homogeneous Propulsion Industries and Component Manufacturers on the first day of the 17th International Exhibition of Automotive Parts, Accessories and Assemblies.
More than 600 domestic and foreign companies, including 45 knowledge-based companies, 500 domestic producers and 55 foreign companies from China, Germany, Italy, Turkey, the Netherlands, the UAE, India, South Korea, Taiwan, Japan and Indonesia, have participated in the exhibition that ran from Oct. 31 to Nov. 3, Donyaye Khodro reported. 
Abdollah Tavakkoli Lahijani, director general of Industries Ministry, Mohammad Ali Teymouri, CEO of SAIPA Corporation, and Arash Mohebinejad and Mehdi Matlabzadeh of the association attended the signing ceremony.
The two sides have agreed to produce an economy car in the form of a consortium consisting of selected domestic parts makers, component suppliers, designer and distributors.