TEHRAN The Swedish giant truck company Volvo has agreed with the Islamic Republic of Iran to manufacture two new models of heavy trucks, a report said. The contract signed between Volvo and the Iranian company SAIPA is worth 60 million dollars annually.

According to the ***** Middle East Economic Digest (MEED),**** SAIPA will assemble new Volvo FH12 and NH12 trucks. The new trucks will replace the F12 trucks.

Volvo has manufactured 40,000 heavy trucks in Iran since 1970.