Car plant groundbreaking ceremony held in Azerbaijan [PHOTO]
![Car plant groundbreaking ceremony held in Azerbaijan [PHOTO]](https://www.azernews.az/media/2016/08/06/car_plant_6.jpg)
By Trend
A groundbreaking ceremony for construction of a joint Azerbaijani-Iranian car plant was held Aug. 6 in Azerbaijan’s Neftchala industrial quarter.
The plant is a joint project of Azerbaijan’s AzEuroCar LLC and Iran’s giant automaker Iran Khodro.
Total cost of the project is $15 million, 25 percent of which will be provided by the Iranian side.
The plant will be built in an area of 10 hectares.
Head of the AzEuroCar, Emin Akhundov told reporters that at the first stage the plant will provide jobs for 300 people and at the second stage the number of employees will rise up to 500.
Akhundov added that 20 percent of the produced cars will be exported.
The cars produced at the plant will meet Euro 5 standard.
Four Iranian car brands of Dena, Runna, Soren and Samand will be produced at the new plant, which will have a capacity of 10,000 cars a year.
The project is being implemented on the basis of a memorandum of understanding signed on Apr. 21, 2016.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!