Press TV - The Middle East's auto giant Iran Khodro Company (IKCO) has started the construction of a new production plant in the Iranian province of Semnan.
The new production plant will have a final capacity of 100,000 units of the Samand family sedan per year, according to a statement released by the company on Sunday.
IKCO began work on the production of the facility on the 32nd anniversary of the victory of the 1979 Islamic Revolution on Friday.
IKCO Managing Director Javad Najmeddin said Semnan provincial funding will provide roughly USD 50 million of the required investment while the rest would be allocated through the private sector.
Najmeddin added that the first phase of the production plant in Semanan (220 Km east of Tehran) will become operational within nine months while the second phase will be completed within 18 months.
IKCO rolled out 688,000 passenger cars in 2009, recording a 13 percent growth despite the crushing global economic crisis.
The company was the receiver of a special trophy at the Third International nanotechnology Festival in 2010, as the leading company in nano-related auto industry.
