New US Sanctions Could Help Peugeot Extend Its Lead in Iran’s Car Market
A senior official with the giant French automotive Peugeot Citroen said recent new US sanctions against Tehran could play to the vehicle manufacturer’s advantage.
“This is our opportunity to accelerate,” Peugeot Africa and Middle East chief Jean-Christophe Quemard said at a recent Tehran automotive conference, referring to new US sanctions against Tehran.
The US Treasury Department said on February 3 that Washington had imposed sanctions on 13 individuals and 12 entities as part of bids to ratchet up pressure on Iran chiefly over Tehran’s missile program.
The move against Iran is the first by the US government since President Donald Trump took office on January 20.
“It will become even harder for American companies to operate, that’s for sure. We’ve opened up a lead and we plan to hold on to it,” he added, Reuters reported.
Quemard further said that the new sanctions will probably extend PSA’s lead as rivals hold back from re-entering Iran.
Peugeot returned to Iran in 2015 after Tehran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) reached a lasting nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), and implemented it in January last year.
(Source: Tasnim, under Creative Commons licence)