South Korea’s LG subsidiary to build electric cars in Iran


A subsidiary of  South Korea’s  LG Corporation  has announced it is going to  manufacture electric cars in Iran at an existing automotive plant. Under the terms of the agreement, the factory aimed to build up annual production capacity to 60,000 cars by 2023. Work is expected to begin next year.
The announcement come soon after South Korean President Park Geun-hye’s visit to Tehran when the  the two countries agreed to treble yearly trade from $6.1bn to  $18bn and signed around 60 MoUs and contracts worth over $45.6bn.

Source: TREND