SAIPA (in Persian: سایپا‎‎) is the second largest Iranian auto manufacturer. SAIPA (an acronym for the French Société Anonyme Iranienne de Production Automobile) was established in 1966, with 75% Iranian ownership, to assemble Citroëns under license for the Iranian market. Nowadays it builds mainly Korean cars, but has also developed its own engine and range of cars. The chief executive (president or managing director) of Saipa is Saeid Madani, predecessor of whom was Nematollah Poustindouz.