Renault to stay in Iran despite US sanctions

AsreKHodro- French carmaker Renault will maintain its presence in Iran despite the risk of penalties for breaching renewed US sanctions, CEO Carlos Ghosn said Friday.

Reporting "Asre Khodro", "We will not abandon it, even if we have to downsize very strongly," he told shareholders at the annual shareholders' meeting in Paris, since this would give the company an advantage "when the market reopens".

Source: dailystar.com

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France's PSA suspends joint ventures in Iran to avoid U.S. sanctions

Asre Khodro - French carmaker PSA Group has begun to suspend its joint venture activities in Iran to avoid U.S. sanctions after Washington's withdrawal from the international nuclear deal.

Reporting "Asre Khodro", Large French companies active in Iran, including oil major Total, are struggling to obtain exemptions from the sanctions imposed by U.S. President Donald Trump's administration.

"The group has begun to suspend its joint venture activities, to comply with U.S. law by Aug. 6," PSA said in a statement on Monday.

"With the support of the French government, the Groupe PSA is engaging with the U.S. authorities to consider a waiver."

Source: Reuters

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Azerbaijan, Iran launch joint production of cars

Asre Khodro - The Khazar joint automobile plant of Azerbaijan and Iran, located in the Neftchala industrial park, has launched production of the first cars.

Reporting "Asre Khodro", Production of Dena, Rana, Soren and Samand brands, as well as a number of Peugeot models is established at the plant. The annual capacity of the plant will be about 10,000 cars. In the future, it is planned to deliver cars to Ukraine, Russia and the countries of Central Asia.

Iran Khodro and Azerbaijan’s AzEuroCar LLC (a subsidiary of AzerMash) signed an agreement on the establishment of a joint automobile plant in the Neftchala industrial park in on Aug.6, 2016. The total cost of the project is estimated at 24 million manats. The Azerbaijani side made 75 percent of investments in the plant, and 25 percent - the Iranian side.

Source: trend.az