Iran Khodro To Ditch Youngman For Chery

February 2008 | Company News Alert

Iran Khodro may end its joint venture with Chinese carmaker Jinhua Youngman Automobile Manufacturing a little over a year after it was formed.The Zhejiang-based firm failed to get sufficient technical support from its Iranian partner and instead deepened its relations with British automotive firm Lotus Engineering, according to Shanghai Securities News. Iran Khodro had signed a deal with Youngman in 2006 to set up a joint venture in China, with Youngman holding a 70% stake. The tie-up, part of Iran Khodro's plan to tap the emerging Chinese market, included a plant to make 30,000 Samand sedans per year in Shandong

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