“Iran’s SAIPA Signs Three-Year, 45,000 Car Export Deal with Russia and Belarus”

TEHERAN – Iran’s second largest automaker, SAIPA, has signed a contract to export three of its sedan models to Russia and Belarus. This emphasizes that Iran does not care about the sanctions imposed by the West on Russia.

As reported by the IRNA office, Friday (5/5/2023), the cars sent to Russia were the Shahin, Quik and Saina models. Iran will export 45,000 cars to the two countries under a three-year contract.

The contract is worth 450 million euros ($49.78 million), according to IRNA.

In November last year, Iran signed a memorandum of understanding (MoU) with Russia on car exports. The MoU is estimated to be worth US$300 million, according to the semi-official Fars news agency.

As reported by Xinhua News, Iran also exports cars to Venezuela, Iraq, Armenia and Azerbaijan.

Production of sedan cars in Iran has increased by about 20 percent in recent years. Iran is a ‘rich’ country through various industrial sectors.

Automotive is the third most active in the country after oil and gas. Iran is directly adjacent to Iraq.

According to Iran Khodro Company (IKCO), this business group increased its market share to 54 percent after allocating a seven percent increase.