Reporting "Asre Khodro", The Iranian official said Iran Khodro and Peugeot have inked an agreement worth ۵۰۰ million euros ($۵۴۵ million) to jointly produce cars.
According to the terms of the preliminary deal, each side will equally invest ۲۵۰ million euros in the project, he added.
The source went on to say that Peugeot ۲۰۰۸ crossover, ۲۰۸ supermini and ۳۰۱ compact cars will be manufactured inside Iran under the ۵۰-۵۰ joint venture.
Noting that the number of the brands will reach five in the near future, he added that the agreement is likely to be finalized in the Iranian President Hassan Rouhani’s upcoming visit to France.
President Rouhani will be in Italy on January ۲۵ before heading to Paris on January ۲۷ to meet President Francois Hollande, along with prime minister and business leaders.
He is also expected to visit the Vatican and meet with Pope Francis there.
The Iranian president was scheduled to visit the three European destinations on November ۱۴, but the trip was cancelled following a spate of deadly terror attacks in Paris.
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