French Carmakers Seek to Reenter Iran
Logo via Peugeot.
French automakers PSA Peugeot Citroen and Renault SA stand to benefit from a deal to lift economic sanctions against Iran, as they hope to resume imports to the country.
Iran agreed to halt development of its nuclear program in exchange for the concessions in a deal announced Saturday. Spokespeople from both companies told Bloomberg they hoped to resume sales to the country.
Peugeot sold 458,000 vehicles in Iran in 2011 prior to European trade sanctions and vied with Kia for the sales lead in the country. Renault sold more than 100,000 vehicles in Iran in 2012.
Before trade sanctions kicked in, Iran was a lucrative market for French car manufacturers, who often used it as a place to unload outdated models, reports the Wall Street Journal.