Trading of Iran Khodro Group’s shares has resumed at Tehran Stock Exchange, managing director of IKCO said.
Hashem Yekezare’s announcement follows the recent joint venture between Iran Khodro and Peugeot named IKAP that will produce three new models inside Iran.
Talks between the two automakers to produce several models remained stuck over the past several years due to several roadblocks, but culminated in a joint venture after sanctions against Iran’s nuclear program were removed, ISNA reported.
Addressing reporters, Yekezare said IKCO and Peugeot have offered IKAP’s shares for sale. He also noted that the two companies have established a joint venture in their new round of cooperation with each investing initially $14.9 million over the past few days.
The 50-50 joint venture will manufacture three models—Peugeot 208, 2008 sport utility vehicle and 301 compact—using parts mostly manufactured in Iran.
Yekezare also referred to a new IKCO product, saying the company is set to release the Peugeot 207 sedan in winter. He noted that the new product will be manufactured based on indigenous knowhow.
