TEHRAN, March 14 (Xinhua) -- Iran's Kerman Motors and South Korea's Hyundai automaker signed a memorandum of understanding (MoU) on Tuesday to jointly produce a car model in Iran, semiofficial Fars news agency reported.
The MoU to manufacture a new Elantra model was signed between CEO of Kerman Motors, Saman Firouzi, and director of South Korea's Hyundai Motors for Middle East and Africa Office, Mike Song, in Iran's southern Kerman city.
"In addition to Elantra model, Kerman Motors will launch a production line of Hyundai Accent in September 2017," Firouzi was quoted as saying.
The Iranian side also agreed with Hyundai at the end of 2016 to begin production of the Hyundai i10 and i20 hatchback models in Iran, the report said.
On Sunday, South Korea's Hyundai Engineering Company (HEC) signed a three-billion-euro (3.2 billion U.S. dollars) contract with Iran's Ahdaf Investment Company for construction of the second phase of Kangan Petro Refining Complex in Iran's southwestern Bushehr province, Tehran Times daily reported.