15 September 2017 - 12:51
Mercedes-Benz officially returns to Iran

Germany’s Mercedes-Benz Trucks signed a contract with Tehran-based automaker Iran Khodro, parent company Daimler AG (DAIGn.DE) told Reuters, laying the foundation for resuming distribution of its trucks in Iran, ISNA reports.

The deal between Iran Khodro and Mercedes-Benz Trucks includes creating a joint company that provides sales and after-sale services in the Islamic Republic.

A second deal would be also signed next month to create a joint venture in Iran for production of heavy vehicles including Actros trucks.

French PSA (PEUP.PA) -- the maker of Peugeots and Citroens -- and rival Renault (RENA.PA) have pushed hard into Iran since its 2015 deal with world powers that saw international sanctions lifted.

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.

News Code 319275


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