"The production line will paint 35 cars per hour and 125,000 per annum in line with the European standards," Najafabadi told Fars news agency. He said that the production line will save hard currency for the country and would avoid any environmental pollution. The official said French automaker Renault and the Iranian group AID have signed agreements creating a joint company to produce and sell a low-priced Renault vehicle in Iran starting in 2006. The joint venture, to be known as Renault Pars, will be established in April and will held 51 percent by Renault and 49 percent by AID. AID groups the Iranian state body IDRO with the Iran's two leading automakers, Iran Khodro and Saipa. Starting in 2006, Iran Khodro and Saipa will assemble cars based on a design Renault developed for the future economy model it wants to market outside Western Europe. The assembly will rely on imported parts as well as local components. Known as the L90, the car will also be introduced this autumn in Romania, where it will sell for a price starting at 5,000 euros (6,100 dollars), and in central Europe. Renault last October signed a framework agreement with IDRO calling for the creation of the joint company in the first quarter of 2004. Renault said the venture planned to invest 300 million euros in the first phase of the project.