Iran's Largest Automaker, South Korea's Hyundai Powertech Ink New Contract
TEHRAN (FNA)- Iran Khodro Automaker and South Korea's Hyundai Powertech signed a deal to design, develop, manufacture and supply 400,000 new automatic gearboxes per year.
The joint contract was signed between IKCO CEO Hashem Yekeh Zareh and Vice-Chairman and Chief Executive Officer of Hyundai Powertech Company Hae-Jin Kim in Tehran on Wednesday.
The contract marked the third out of 10 contracts to be sealed between Iran Khodro and credible international or domestic manufacturers of auto spare part.
The new six-speed gearboxes are expected to be mounted on modern platforms designed and developed by the Iranian multinational automaker headquartered in Tehran.
The newly-signed contract also aims to gain an appropriate share of local and export markets as IKCO is after installing automatic gearboxes on petroleum-electric hybrid vehicles.
It is worth noting that Hyundai Powertech, as the first automatic transmission manufacturer in Korea, produces 3.7 million gearboxes annually.
source : farsnews