The MoU was signed between CEO of Kerman Motor Saman Firouzi and Director of South Korea's Hyundai Motors for Middle East and Africa Office Mike Song in Kerman city.
"Kerman Motor in addition to Elantra model will also launch Hyundai Accent in production line in September 2017," Firouzi said.
The company previously agreed with Hyundai at the end of 2016 to begin production of the Hyundai i10 and i20 hatchback models which are likely to go on sale following the Iranian New Year.
The new agreement follows a similar deal with Kerman Motors dating back to 2004 when the company used to produce the Accent model in the company's base.
In a relevant development in February, Managing Director of the Export Development Bank of Iran (EDBI) Ali Salehabadi announced that South Korea has opened a Line of Credit (LOC) for Iran worth 100 million euros.
"This credit line will be used for importing raw materials manufactured in Iran," Salehabadi said.
He noted that South Korea has opened the line of credit for its businessmen.
In relevant remarks in early January, Managing Director of Iran's Industrial Development and Renovation Organization Mansour Moazami said that IDRO and South Korea's Daewoo Company were planning to establish a joint shipbuilding Factory.
"We need to investment of $37 billion for construction of the required vessels in the country by the year 2025," Moazami said.
He said that the joint shipbuilding company will be formed by the end of January.