TAM Co, an auto parts subsidiary of Iran Khodro (IKCO), and Germany’s Siemens signed a memorandum of understanding (MoU) on Sunday to develop joint projects and facilitate future production.
TAM previously secured the rights to produce body panels for the Peugeot 2008 crossover model introduced recently in the country, as part of a joint venture called IKAP.
According to the agreement, Siemens will provide TAM with facilities for car production, IKCO news service reported.
Siemens is also cooperating with TAM in marketing activities, tenders, design assistance and installation of production lines.
IKCO group intends to produce 30,000 units of the 2008 model in the current fiscal that started in March.
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