French carmakers PSA (PEUP.PA) and Renault (RENA.PA) are seeking to increase their presence in Iran’s resurgent market through more deals and investments, a report said.
PSA has signed production deals worth 700 million euros ($768 million), while Renault has announced a new plant investment to increase its production capacity to 350,000 vehicles a year, according to a report by Reuters.
PSA and Renault declined to comment on their Iranian operations in detail.
The French companies have no manufacturing or sales operations in the United States and this has made them less vulnerable to penalties for any violation of US sanctions still in force which ban financial transactions with Iran.
(Source: Tasnim, under Creative Commons licence)