TEHRAN (FNA) – Iran’s largest auto maker, Iran Khodro Investment Development Co, might end partnership with Chinese auto maker Jinhua Youngman Automobile Manufacturing Co Ltd, sources reported.
Iran Khodro set up a China-based joint venture, in which it held 70% of stake, with the Chinese auto firm in 2006 as part of its development strategy to tap China’s fast growing auto market.
Zhejiang-based Youngman is now cooperating with British car marker Lotus to develop new models after failing to gain sufficient technical support form Iran Khodro, sources said without giving detailed reasons for the break-up.
Official with the Chinese firm declined to comment on the news.
Youngman joined hands with Lotus in July last year. The first model, an imported RCR roadster coupe, went on sale in China last month priced between US$17,800 and US$20,500.