He said that in general the company plans to manufacture eight models of cars under the Khazar brand, as well as Peugeot and Renault, by the end of this year.
“The prices for cars will vary at 14,000-20,000 manats,” he noted. “In the long term, if we decide to establish production of car parts, the price may drop by 12-13 percent. It is also planned to produce models with automatic transmission. In general, the monthly production at the plant at the initial stage will be 160 cars.”
On Aug. 6, 2016, a major Iranian automaker, Iran Khodro, and Azerbaijani company Azeurocar (a subsidiary of AzerMash) signed an agreement to establish a joint automobile factory in the Neftchala industrial zone. The total cost of the project is estimated at 24 million manats. The Azerbaijani side has invested 75 percent in the factory, and the Iranian side has invested 25 percent.