Iran’s million-dollar wheels
IRANIAN President Mahmoud Ahmadinejad’s 1977 Peugeot 504
has received a $1 million bid after the car was put on an international auction on January 1.
Iran state media reported the proceeds of the one-month long auction will go to fund a project to build 60,000 homes for the disabled and to needy women who are providing for their families.
Ahmadinejad had made a point of being seen in the gleaming white Peugeot 504 sedan when he was Tehran mayor and before becoming president in 2005. He has rarely used the car in the past years, probably because of security measures.
Though hardly a clunker, the 1977-make car will be up for grabs at an international auction in February in the south-
western city of Abadan. TESLA Motors says the low cost of its lithium-ion batteries will make its Model S profitable despite projected sales of just 20,000 vehicles a year.
The company expects the batteries to cost $200 a kW hour, compared with the $750/kWh Nissan says it will cost for batteries for its all-electric Leaf.