The Azerbaijan-Iran joint car plant Khazar plans to produce 1,500 cars until the end of this year, AzerMash, one of the plant’s owners, told Trend Aug. 27.
The company noted that during the next 2-3 years there are plans to increase production at the plant by more than three times.
"It is planned to increase production to 3,000 cars per year in 2019 and to 5,000 cars in 2020-2021," the company said.
Presently, the plant produces Khazar LD and Khazar SD models.
In the near future, it is planned to set up production of cars under the Renault and Peugeot brands, which will cost 18,000-21,000 manats. The cost of cars presently produced at the plant is 14,000-16,000 manats.
The Khazar car plant is located in southeast Azerbaijan in the Neftchala Industrial District. All cars produced there comply with Euro 5 standards.
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 Neftchala. The total cost of the project is estimated at 24 million manats. The Azerbaijani side invested 75 percent in the factory, and the Iranian side invested 25 percent.
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