Hyundai and Kia to sign complete knock down contract with Iranian automakers.
Auto Business News-March 15, 2016--Hyundai and Kia to sign complete knock down contract with Iranian automakers
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Auto Business News - 15 March 2016
South Korea-based Hyundai Motor (KSE: 005380) and Kia Motors (KSE: 000270) are signing a complete knock down and export related components contract with Iranian automakers during the second quarter of 2016, The Dong-A-Ilbo has reported, citing certain sources.
The two firms will jointly become the second Korean conglomerate to resume business in the Middle Eastern country, after POSCO, following the lifting of international sanctions on Iran.
A Complete Knock Down contract is a method by which both automakers export components to assemble into a final product in a local company's factory, with the model then sold under the brand name of Hyundai or Kia.
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