Peugeot-Citroen, Iran Khodro in joint venture

France’s Peugeot-Citroen has announced a joint venture with automaker Iran Khodro to make 200,000 cars a year outside Tehran, as both countries seek to boost trade after the lifting of Western sanctions. Carlos Tavares, chairman of the PSA Peugeot-Citroen managing board, announced the deal Thursday during a visit to France by Iranian President Hassan Rouhani. It will be a 50-50 joint venture, aiming to produce three new models of cars starting late next year. Peugeot was a major player in Iran’s car market before the sanctions were imposed, and the company said negotiations for this deal have been under way since before the sanctions were lifted.

via ynetnews.com

Source: http://www.ynetnews.com/articles/0,7340,L-4759017,00.html

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