Economy, Auto

Yazd Tire Plans Expansion

Yazd Tire Plans ExpansionYazd Tire Plans Expansion

Yazd Tire, a major Iranian tire producer, announced that it is aiming to double its production capacity.

According to Eskandar Sotoudeh, CEO of Yazd Tire, the company aims to produce 9,000 tires in the current Iranian year (ending March 20, 2017) and increase that to 11,000 next year, Asre Khodro reported this week.

The chief executive added that several deals have been signed with international automakers like PSA Group (Peugeot and Citroen), and other deals will be signed with Renault and Volkswagen as well.

Sotoudeh also said his company will invest 220 billion rials ($60 million at market exchange rate) in the current Iranian year.

Yazd Tire has an estimated share of 10-12% in Iran’s tire market, according to the company’s literature, as well as OEM deals with Iranian carmakers.

The company also intends to increase its export markets this year to Eastern Europe by dedicating 10% of the production to the export market.

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