Economy, Sci & Tech

LG to Help Develop EV for Iranian Market

LG to Help Develop EV  for Iranian MarketLG to Help Develop EV  for Iranian Market

LG Group plans to work on an electric vehicle specifically for the Iranian market. The company recently signed a preliminary agreement with the Iranian government in this regard, Korea's Chosun Ilbo reported . The agreement only lays out the issues in broad strokes and is to be followed by a proper contract later. According to the deal, LG will develop 20 EVs for Iran's No. 1 automaker Iran Khodro by 2018 and set up charging stations in Tehran and other cities over the next year. LG Electronics, LG Chem and LG Innotek will develop key parts, including engines and batteries. LG CNS will handle the construction of charging stations. Iran Khodro will manufacture the vehicle's body and other parts. An LG Corp. staffer said, "We stayed in Iran despite international sanctions, which appears to have helped us win the trust that led to the agreement." Iran Khodro has made efforts to develop an electric vehicle in recent years, but did not succeed due to sanctions.