Iran To Build Nation’s Biggest Car Factory By 2015: Media

Iran’s plans to build the nation’s biggest car factory, capable of producing 5 million cars every year, by 2015, local Twhran Times daily reported on Sunday.

The factory’s output will be larger than the combined output of the two existing major carmakers, Iran Khodro and Saipa, the report said.

The products of the factory will reach the market by March 2015, sold at an estimated price of 10,000 to 12,000 U.S. dollars, according to the report.

Iran’s vehicle manufacturers are faced with rising cost and lack of technological know-how as many foreign auto companies have left the country because of the sanctions imposed due to Iran’s disputed nuclear program.

Iran’s major car producer Iran Khodro, which had been a partner of France’s Peugeot since 1989, had to close some production units, said the daily.