TEHRAN- Iran’s Saipa Group CEO and Executive Member of the Board Mehdi Jamali said on Tuesday that negotiations with Nissan and Kia Motors are underway and those with the South Korean car manufacturer will be concluded by the next week.

According to IRNA, Jamali, addressing a ceremony, told reporters that Saipa has expansion of cooperation with prominent foreign carmakers, including Citroen and Renault, on its agenda.

“Saipa is set to increase its production capacity up to 1.5 million cars per year by 2024,” he added, “50 percent of which will be manufactured domestically and the rest via making joint ventures with foreigners.”  

HJ/MA