Reporting "Asre Khodro", The company contacted Financial Tribune saying the previous prices of 530 million and 620 million rials ($14,000 and $16,500), reported by local website Asbe Bokhar were incorrect and that the price of the vehicle has not yet been announced by the firm.

A company representative added there was no exact date on deliveries for the vehicle also.

MG Pars is a 50-50 joint venture created three years ago between China’s SAIC Motors and AZVICO — a subsidiary of Iran Khodro Group based in the northwestern city of Tabriz.

Last September, CEO of AZVICO Nasser Naqdi had announced the production of MG360. The two firms have invested $20 million each in the JV and direct investments would increase to $400 million in the future.

The first units of the model have been assembled from completely knocked-down parts. However, a source close to the company said the firm wants to increase production share by launching spare part factories.

Naqdi had also said the JV will introduce at least one new model annually to the local market. “SAIC RX5 and another SUV will be made in 2017 and 2018.”

  MG 360 Details

MG 360 is a rebadged Roewe 360, the Chinese name for Britain’s former Rover brand after the firm was sold in 2006 to SAIC.

Roewe 360 was originally released in the mainland Chinese market in 2015, after the company phased out its previous medium sedan - Roewe 350.

The design of the vehicle is impressive although not overly adventurous; however, it is a step above many sedans currently on sale in Iran by local firms like Iran Khodro and its 30-year-old Peugeot 405 model.

All cars will come with leather seats and a digital infotainment system, according to images of the car released by MG Pars.

The infotainment system runs on the InkaNet 4.0 operating system, and comes with satellite navigation, radio, USB and Bluetooth connectivity, Internet, an inbuilt WiFi hot spot, and television.

The Iranian version of the 360 comes with one engine, a 109hp 1.5 liter engine.

In China the car is also available with GM-sourced engine, according to sites from that country.