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“IKCO will manufacture and market 850,000 high-quality passenger cars in the current year (2011-2012); the company managed to roll out over 700,000 units last year,” Managing Director Javad Najmeddin said in a statement on Wednesday.

The company began work on a new 100,000-unit production plant in the Iranian province of Semnan in February.

In February, IKCO also began work on a plant in East Azarbaijan Province, capable of rolling out 200,000 units of the Peugeot 206 and 207i compact passenger vehicles.

Najmeddin said IKCO will begin manufacturing a pickup truck version of the Samand family sedan as well as diesel and turbocharged engines with better fuel efficiency in the current Iranian calendar year.

In its five-year future growth prospective, the company envisions reaching an annual manufacturing capacity of 3 million units, with exports of a million units per year, according to a statement released by the company.

IKCO was founded in 1962 and is currently regarded as the biggest automaker in the Middle East.

The company received a special trophy at the Third International nanotechnology Festival in 2010, as the leading company in nano-related auto industry.