He said that the plant is expected to open in late March 2018.
At the same time, Akhundov noted that Iranian President Hassan Rouhani, whose visit to Azerbaijan is scheduled for March 28, is expected to take part in the plant’s opening ceremony.
It is expected that production of cars of Dena, Rana, Soren and Samand brands, as well as a number of Peugeot models will be established at the plant, Akhundov added.
The annual capacity of the plant will be about 10,000 cars, he said. In the future, it is planned to deliver cars to Ukraine, Russia and the countries of Central Asia, he noted.
The negotiations are underway to establish the manufacture of spare parts at the plant, he said.
Iran Khodro and Azerbaijan’s AzEuroCar LLC (a subsidiary of AzerMash) signed an agreement on the establishment of a joint automobile plant in the Neftchala industrial park in 2016. The total cost of the project is estimated at 24 million manats.