VIENNA – Magna Steyr Group and Arya Khodro of Iran sign a memorandum of understanding to cooperate on the production of a 4-wheel-drive vehicle. Siegfried Wolf, Magna Steyr’s president and CEO, declines to comment on the vehicle, which will be produced in Iran. He says only that it will be an existing vehicle from a non-European brand. Wolf expects the agreement to be finalized in eight to nine months, with production starting 30 to 36 months after the final agreement. Arya Khodro hopes to ...

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