Total cost of the project is 22.5 million manats, 25 percent of which will be provided by the Iranian side.
The plant will be built in an area of 10 hectares.
Head of the AzEuroCar, Emin Akhundov told reporters that at the first stage the plant will provide jobs for 300 people and at the second stage the number of employees will rise up to 500.
Akhundov added that 20 percent of the produced cars will be exported.
The cars produced at the plant will meet Euro 5 standard.
Four Iranian car brands of Dena, Runna, Soren and Samand will be produced at the new plant, which will have a capacity of 10,000 cars a year.
The project is being implemented on the basis of a memorandum of understanding signed on Apr. 21, 2016.
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