Iran Khodro Company (public joint stock) was founded in August 1962 and was registered in Tehran Registration Co. The company first started production of LP buses, the chassis of which were imported from Germany and assembled them in the current northern factory of Iran Khodro. In the following, a summery of events taken place since 1966 and achievements of the company during these years can be read. In 1966, Iran Khodro signed a contract with the English company of Rootes to make a sedan named &＃039;Paykan&＃039;. A year later the car making company of &＃039;Iran National&＃039; was established with the capital of 40 thousand dollars, benefiting from a land for the factory, new and old machineries and bank credit to assemble 10 passenger cars and 7 buses and trucks on a daily basis. From 1967 to 1978 Paykan was assembled in different models of basic, deluxe, sport, station and pick-up, and buses were made as urban 302, rural and super deluxe. There were also minibuses and ambulances made in the then &＃039;Iran National&＃039;. Production raised form the very start and it amounted to 98000 sets of Paykan in 1977. In 1973, localization of car parts and self-sufficiency was set as the main goal and strategy of the company, based on which the companies of Ball bearing, Piston, Tabriz IDEM, Mashad Reza and a casting factory were built. In 1974, simultaneous with the increasing price of oil and exchange revenues, &＃039;Iran National&＃039; chose to assemble Peugeot cars. It was in the same year that the company&＃039;s shares were introduced to Tehran Stock Exchange, giving up 45 percent of the shares to the public.