Author Topic: Iran nuclear deal hits gas pedal for carmakers  (Read 166 times)

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Offline flowers

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Iran nuclear deal hits gas pedal for carmakers
« on: November 30, 2013, 01:47:33 PM »

TEHRAN, Iran (AP) -- The nuclear deal struck by Iran and six world powers will put more rubber on the road in the Islamic Republic.

The country's major carmakers stand ready to start receiving parts again from French firms PSA Peugeot Citroen and Renault when the sanctions ease. That could see Iran's stalled car production again take off, proving a boon to local automakers and potentially draw in more foreign investment from other manufacturers hoping to break into the market.

The nuclear deal struck in Geneva puts the brakes on the most sensitive parts of Iran's uranium enrichment program in return for relief from economic sanctions. The sanctions expected to lift include those affecting Iran's auto industry, its petrochemical exports, the sale of gold and other precious metals anad the supply of spare parts for Iranian airplanes.

Iran's auto industry has been particularly hard hit by the sanctions. Car production in Iran this year fell by 72 percent compared to 2011, when it produced some 1.6 million cars.

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