An agreement was signed between the SAIPA Group and an Egyptian automotive company according to which Iran’s second largest automaker will soon start export its Pride passenger cars. The deal is worth over $100 million.

According to MNA, the contract also features the sale of CKD (completely knocked-down) parts of the originally Korean car. The first CBU cargo, consisted of 500 units, is now loaded and will soon be directed to the Port of Alexandria.

Within this three-year contract, the Iranian carmaker will export 8,600 Pride cars and CKD parts to Egypt, a SAIPA Group official noted. 

The annual car exports of SAIPA is projected to hit 16,000 by the end of the current Iranian year (March 20, 2006), which will set a 75% increase compared to the last year’s figures. SAIPA currently exports about 700 cars per week.

© 2005 Mena Report (www.menareport.com)