Tag Archives | Saipa

Volvo Halts Iran Truck Assembly under US Pressure

Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday. Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran. “With […]

Peugeot-Citroën to Pull Out of Iran

French car maker PSA Group has said it will pull out of two joint in Iran following Washington’s withdrawal from the Iran nuclear deal. In a statement, the maker of Peugeot and Citroen cars said: “After signature of the Joint Comprehensive Plan of Action (JCPOA) on July 14th, 2015 and the lifting of international sanctions […]

PSA Sells 444,600 Units in Iran

By John Lee. French carmaker Groupe PSA, which makes the Peugeot and Citroen brands, has reported that it has sold 444,600 units in Iran in 2017. Consolidated sales in the Middle East & Africa region were up by 61.4% on the previous year. In a statement, the company also made reference to the production start-up […]

Renault signs EUR 660m Deal with Iran

France’s Groupe Renault has announced the signature of a joint venture agreement with the Industrial Development & Renovation Organization of Iran (IDRO) and PARTO NEGIN NASEH Co, an importer of Renault products in Iran. According to a report from Tasnim, the contract is worth 660 million euro. The proposed joint venture company, of which Renault […]

Why French Carmakers are real Winners of Iranian Protectionism

By Ali Dadpay for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s auto industry is only second to its energy sector, accounting for some 10% of the gross domestic product and 4% of employment. Showcasing the Islamic Republic’s efforts to become an industrial economy, it […]

Private Sector having hard time Financing Expansion

By Navid Kalhor for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  The Islamic bond market in Iran was first kick-started in 2011, with Mahan Air’s issuance of ijara sukuk on the over-the-counter Iran Fara Bourse (IFB) to finance its purchase of […]

Iran Stops Producing 11 Truck Models

During the Iranian calendar month to 21st December, the production of 11 heavy duty vehicles and pickup trucks in Iran has been stopped. Iran Khodro Diesel (IKD), a subsidiary of Iran’s largest car manufacturer, stopped production of two heavy duty vehicles — the Mercedes-Benz tipper truck LK 2624 and Mercedes-Benz Axor K3335 — and the recently-introduced […]

How Iran’s Auto Industry became a Political Football

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian hard-liners have launched a new attack on the administration of President Hassan Rouhani, this time focusing on the country’s automotive industry. At an Oct. 25 parliamentary hearing, the Industries and Mines Committee grilled […]

Renault steps up Business in Iran, forms new JV

Renault announced on Friday that an agreement has been signed for the creation of a joint venture with the Industrial Development & Renovation Organization of Iran (IDRO). Renault will be the majority shareholder. “The Iranian government wants to attract foreign investment in the Iranian car industry to bring competitive new products benefiting Iranian customers with […]

Iranian carmakers’ good fortune unlikely to trickle down

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A majority of car consumers in Iran complain about the low quality and high prices of vehicles produced by local manufacturers, according to a poll conducted by news website Khabar Online. Citing another poll, […]

€300m Deal to Build Citroëns in Iran

France’s PSA Group, and SAIPA, Citroën‘s historic partner in Iran since 1966, have signed a framework agreement to create a joint-venture to produce and sell Citroën vehicles in Iran. The French company says this 50/50 joint venture lays the foundations for a strategic partnership between the two companies. It will cover the entire value chain, […]

Will Leaked Payslips Scandal bring down Rouhani?

By Fereshteh Sadeghi, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The trickle of leaked payslips of executives at state-controlled banks and insurance companies in Iran has become an avalanche, claiming careers and threatening the prospects of President Hassan Rouhani only 11 months before the […]

Iran revs up for Auto Revolution

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The auto giant PSA Peugeot Citroen has become the first foreign company since the Jan. 16 implementation of the Joint Comprehensive Plan of Action to obtain a license from the Iranian government to invest […]

Suzuki Eager to Return to Iran

By John Lee. The President of Japan’s Suzuki Motor Corporation said on Thursday that it is considering re-entering the Iranian market: Toshihiro Suzuki told reporters: “We signed a licensing deal with Iran Khodro Industrial Group for local production in 2005. With the recent easing of sanctions, we’d like to consider restarting our business there.” Under […]

Renault-Nissan ‘Ready’ for Iran

By John Lee. The head of the Renault-Nissan alliance has said the company is ready to expand its manufacturing footprint in Iran once sanctions are lifted. Carlos Ghosn (pictured) told reporters that the company will be “extremely careful” in how it proceeds, but added, “Iran is a very promising market … Today it’s more than […]