Iran Khodro, Hyundai Powertec sign new contract


Tehran (ISNA) - Iran Khodro Automaker Company and Hyundai Powertec have signed a contract to design, develop, manufacture and supply 400 thousand new automatic gearboxes per year.

The joint contract was endorsed by Hashem Yekkeh Zare, CEO of IKCO, and Hae-Jin Kim, Vice Chairman and Chief Executive Officer at Hyundai PowerTech Company.

It marked the third out of 10 contracts to be sealed between Iran Khodro and credible international or domestic manufacturers of auto spare part.

The new six-speed gearboxes are expected to be mounted on modern platforms designed and developed by the Iranian multinational automaker headquartered in Tehran.

The newly-signed contract also aims to gain an appropriate share of local and export markets as IKCO is after installing automatic gearboxes on petroleum-electric hybrid vehicles.

It is worth noting that Hyundai Powertec, as the first automatic transmission manufacturer in Korea, produces 3.7 million gearboxes annually.

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