Iran, China to produce Lifan 520 car

TEHRAN: Kerman Motor Company says the first of the Lifan 520 automobile, produced by Iran and China, will hit the Iranian market in August.The dual-fuel vehicles with 1300cc-1600cc engines can run on both gasoline and CNG, the company’s chief executive Mohammad-Reza Alinaqi said.The vehicles, manufactured by Kerman Motor Company and Chongqing Lifan Industry (Group) in Iran, will be offered for sale at a price range of $15,000 to $19,000, he added."About 300 vehicles will be available in beginning of the second half of the Iranian month of Mordad [August 5]," Alinaqi said.The Iranian company is to manufacture 5,000 Lifan vehicles by the end of the current Iranian year (March 2009).Production capacity is expected to increase to 15,000 by March 2010 and 25,000 in March 2011.The Iranian and Chinese automakers are said to target middle-income Iranians between the ages of 20 and 35.