FNA- Iran Khodro Industrial Group signed a new cooperation agreement with Hyundai Powertech as part of efforts to meet domestic and foreign markets' needs.

The two sides signed the agreement for designing, developing, producing and supplying of 400,000 pieces of new automatic six-speed gearboxes for IKCO's new vehicles platforms.

Representing their companies, IKCO's CEO, Hashem Yekehzare and Hyundai Power Powertech's CEO, Ha Jim Kim signed the agreement in a ceremony in Tehran.

This is the third agreement of a ten-sided Memorandum of Understanding that IKCO has signed with well-known global car makers as well as part makers.
The new six-speed gearboxes are set to be boarded on IKCO's new platforms for new vehicles.

Iran Khodro signed the agreement with the main goal of achieving an appropriate share of domestic and export markets. The car manufacturer is also set to use the new automatic gearboxes in its future types of hybrid vehicles.

It's noteworthy that Hyundai Power Powertech annually produces 3,700,000 automatic gearboxes.