67903
SAIPA Plans JV in Algeria
Economy, Auto

SAIPA Plans JV in Algeria

Iran’s second largest auto manufacturing company, SAIPA, will start the production of five models in Algeria by the end of the current year, the company’s customer services director said. “After a strong presence in Iraq’s auto market, we are now focusing on the Algerian market,” Abbas Safari was also quoted as saying by IRNA during the international auto show held in the northwestern city of Urmia, West Azabaijan Province. According to Safari, the plan will be a joint venture between the Iranian automaker and as yet unnamed Algerian firm in the private sector. “The overall project is worth $50 million, with SAIPA having a 25% share and the Algerian partner holding the remaining 75%,” he said. Mehdi Jamali, SAIPA’s CEO, had previously mentioned that the production line will be launched by the end of the current Iranian year (March 20, 2018). The models Tiba, Saina, Pride and three pickups (Padra, Sapia and Rich) are among vehicles targeted for production in the country. The company has so far reached a deal with Tahkout Manufacturing Company to produce auto parts for their Maghreb branch.  

Short URL : https://goo.gl/QErYbX
  1. https://goo.gl/2r8ytZ
  • https://goo.gl/KPYQ91
  • https://goo.gl/YzwW8P
  • https://goo.gl/hdEkBU
  • https://goo.gl/7n2TuR

You can also read ...

Iran's Economic Ties With Qatar Booming, Exports Up 117%
Iran exported $139 million worth of non-oil goods to Qatar...
China relies on oil imports from Iran while Tehran looks to Beijing for investment.
The value of Iran's exports to China during the nine months to...
Representatives of the chambers of commerce of Tehran and Vienna attended a joint event in Austria’s capital Vienna.
At a joint event attended by the 36-strong delegation from...
No Problem With Plane Deal Financing
Iran does not have a problem obtaining financing for its...
Exports to Europe  Rise 107%
The value of Iran’s exports to the European Union from January...
Yazd Earns $10m in 7 Months
Close to 1.24 million tons of goods worth over $10 million...
No Restrictions on Bank Sepah’s German Operations
Bank Sepah, the oldest Iranian bank, has denied reports in the...
19,000 Illegal Migrants Handed to Pakistan
Iran on Friday handed 19,000 Pakistanis arrested for crossing...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus