Peugeot

"An influential US anti-Iran lobby group on Wednesday called for newly tied General Motors and Peugeot to shut down Peugeot's Iran business due to Tehran's suspect nuclear program.  The United Against Nuclear Iran group said GM's new investment in PSA Peugeot Citroen should be investigated to see if it violates US sanctions on Iran, because of Peugeot's strong market position in the country. "As a working partner and now official stake-owner of Peugeot, GM owes it to its investors and customers to compel Peugeot into ending its business in Iran," said UANI head Mark Wallace, a former US ambassador to the United Nations.  "By doing business directly with the Iranian regime, Peugeot supports the regime's ability to develop its illegal nuclear weapons program, support terrorist proxies and repress the Iranian people." (AFP, "Anti-Iran lobby hits GM-Peugeot deal," 3/29/12) (http://www.google.com/hostednews/afp/article/ALeqM5j6oVrROzRvE6mHBEk9O18wMEy3Tw?docId=CNG.0e8245b4a9983cb3754c5550c285f178.501)

"UANI (United Against Nuclear Iran) group calls on Japanese car manufacturer Mazda and French Peugeot to end their business in Iran, UANI (United Against Nuclear Iran U.S. group) Communications Director Nathan Carleton told Trend. While a lot of car manufacturing companies have left Iran due to sanctions imposed on the Islamic Republic, according to Carleton despite the threat of sanctions, there are still some world-known car brands that do their business in Iran. Among them are Mazda and Peugeot…Speaking of Peugeot, Carleton said that despite Peugeot's claims to have stopped its auto shipments to Iran, its vehicles are still being produced there. Tehran Times reported in June 2013 that many Peugeot models are rolling off Iran Khodro (IKCO) production lines, as most of Peugeot models have been 100 percent localized. This is while in February 2013, Peugeot has posted the largest annual revenue loss in its history, partly caused by the West's sanctions against Iran. Iran was the French car maker's second-biggest market in 2011 in terms of trade volume. In February 2012, PSA Peugeot Citroen stopped its trade with Iran after the enforcement of US-led financial sanctions against the Islamic Republic for its nuclear energy program. The French car making group also halted its exports of vehicles to Iran, which accounted for around 13 percent of the firm's global deliveries in 2011. It cost the automaker the annual sale of half a million cars and an estimated 1.5 billion euros in revenue last year. 'UANI continues to call on Peugeot to explain why its vehicles are still being manufactured en masse in Iran, and take action to stop it," Carleton underscored. "According to Iranian production statistics, 203,639 Peugeot vehicles were produced in Iran during the Persian calendar year that ended March 20, 2013.'" (Trend, "UANI calls on Mazda, Peugeot to end their business in Iran," 9/16/13) (http://www.unitedagainstnucleariran.com/company/mazda) (http://en.trend.az/capital/business/2190768.html)

"French automaker PSA Peugeot Citroen on Monday said its global sales plunged almost 10 percent in the first half of the year, mainly owing to a weak European market. France's leading but ailing automaker said in a statement that it sold 1.46 million assembled vehicles in the first six months of 2013, being hit hard by a shrinking European market share, which dropped to 12.2 percent from 12.9 percent a year ago. In February, PSA also saw its sales of component kit deliveries to Iran come to an abrupt halt following the tightening of international sanctions. A year ago, PSA sold 142,000 units of the kits to Iran." (AFP, "Peugeot sales dive in first half on weak European market,” 7/8/13) (http://www.google.com/hostednews/afp/article/ALeqM5g4CFoW3QDWbeB2bGrJN4wQiQhkmQ?docId=CNG.539eb1f236c3c2b90613407e1d0fe9e3.211)

"Iranian car manufacturer Iran Khodro (IKCO) has signed a new joint venture agreement with French giant carmaker Peugeot, the managing director of IKCO, Hashem Yekeh Zareh said, Iran's Mehr news agency reported Dec. 6. Yekeh Zareh did not unveil details of the agreement, but said Iran continues negotiations with foreign carmakers, adding that significant progresses have been achieved in the talks." (Trend, "Iran, Peugeot Sign New Agreement," 12/6/14) (http://en.trend.az/iran/business/2341103.html)

"PSA on Wednes­day reported a rise in car unit sales for 2016 thanks to business in Iran which the carmaker is including again after the end to sanctions against Tehran. With the integration of sales from joint ventures and licence agreements in Iran, Peugeot booked a rise in deliveries of 5.6pc. On a comparable basis, without the integration of the Ira­nian contribution, the figure dropped by 2pc from 2015. The group’ s three brands Peugeot, Citroen and DS, sold just over three million cars last year, of which 233,000 were produced under licence in Iran. In 2015, the group sold 2.9 million units. PSA’ s post-sanctions return to Iran resulted in joint ventures with local companies Iran Khodro and Saipa, and a partnership with Arian Motor." (AFP,  "Iran car sales keep PSA on growth track," 1/11/2017). (https://www.dawn.com/news/1307872/iran-car-sales-keep-psa-on-growth-track)

"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…Iranian Industry Minister Mohammad Reza Nematzadeh said Iran’s biggest carmakers are now holding talks with PSA Peugeot Citroen and Renault in Tehran for new joint venture projects and joint car spare parts production. That will greatly help Peugeot, Europe’s No. 2 automaker, which saw its profits hurt by the sanctions. Peugeot sold more than 450,000 cars annually in Iran before the sanctions. Renault sold more than 100,000 cars in Iran in 2011 before pulling out. 'PSA Peugeot Citroen and Renault will offer new cars to the market with the help of their Iranian partners,' the minister said. 'They’ve been big contributors to Iran’s auto industry. Given the Geneva deal, we hope sanctions will be lifted by the end of December so that joint ventures with foreign carmakers can resume.'" (AP, "Iran nuclear deal hits gas pedal for carmakers," 11/30/13) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.washingtonpost.com/business/iran-nuclear-deal-hits-gas-pedal-for-carmakers/2013/11/30/8bd637be-59c3-11e3-bdbf-097ab2a3dc2b_story.html)

“Sources in Iran claim IKCO is continuing to produce Peugeot vehicles in the country despite PSA ending parts shipments as European Union sanctions continue to bite.  Exact figures are currently unavailable as to how many Peugeot models are rolling off IKCO production lines, but the source maintains localisation is the key to continued build.  ‘Most of them [Peugeot models] have been localised 100%,’ the source in Iran told Just-Auto. ‘For example, the 206 completely, this is the model being produced here.  There is no need to import parts and components - 206, 207 [and] 405 are being produced.’  The insistence IKCO is still able to produce Peugeot cars comes as the French automaker reiterated it no longer supplies parts to Iran, partly as a result of the difficulties in obtaining finance due to severe banking sanctions imposed by the European Union and the US.  ‘Because of the sanctions taken against Iran, we can't finance our activity there,’ a PSA spokeswoman told just-auto from Paris. ‘It is totally suspended.  We do not sell any more parts to Iran - we used to sell them to Iran Khodro. We have absolutely no other comment to make.’...Only two months ago, UANI said tens of thousands of Peugeot-branded vehicles were being produced in Iran, including nearly 204,000 during the Persian calendar year ending 20 March.  ‘Once again, we see evidence GM's partner, Peugeot, continues to do business in Iran,’ said UANI CEO, Mark Wallace, in April this year, although PSA insists it has stopped shipping parts…In June last year, PSA put its involvement with IKCO at 1.5% of its EUR79bn turnover.” (Just-Auto, “Sources Claim Continued IKCO Peugeot Production Despite PSA Parts Stop,” 6/20/13) (http://www.just-auto.com/news/ikco-claims-continued-peugeot-production-despite-psa-parts-stop_id135349.aspx)

"For Peugeot, Europe’s second-largest car maker by production after Volkswagen AG, Iran is the only country outside of France where it is the leading player—an unusual position given that it officially left its joint-venture partnership with Iranian car maker Iran Khodro in 2012 when economic sanctions were imposed. Despite the brand’s success, Peugeot Chief Executive Carlos Tavares said the company’s future in the country is far from assured because he is working in a geopolitical environment that isn’t accommodating to French companies. 'We have today some constructive proposals, an advanced dialogue, but it is important to know that the climate in which we’re carrying out these discussion is not favorable to France,' he said at a news conference Wednesday in Paris. France, which took a hard line during the negotiations with Iran over its nuclear program, is being held up as a pariah in Iranian media, and Peugeot is being caught in the middle, he said... After attending a car show in Tehran in November, Peugeot signed a letter of intent with Iran Khodro, a person familiar with the matter said. The letter outlined a future partnership under which, once the sanctions ended, the two companies would set up a 50-50 joint venture, with Peugeot transferring technology to build cars in Iran based on the latest designs. Since then, negotiations have progressed slowly, the person said. 'It’s quite difficult, quite tense,' he said. 'Everybody wants to get back into Iran. Everybody’s talking to everybody.' Peugeot’s past has become a sticking point. Iran Khodro Chief Executive Hashem Yeke Zare said Wednesday that Peugeot left Iran 'unfairly and unreasonably' and 'should be responsible for its past behavior,' according to reports in the state news agency ISNA." (Wall Street Journal, "Peugeot Looks to Iran to Continue Positive Momentum," 7/29/15) (http://www.wsj.com/articles/peugeot-swings-to-first-profit-since-2011-1438149379)

As of 2007, Peugeot automobiles represent 64% of the cars manufactured by Iran Khodro Company, the largest automobile manufacturer in Iran (AFP, Iran car maker says French politics hampering ventures, 10/8/2008). (http://afp.google.com/article/ALeqM5gj4q0Oh254QMvPv-foatbrLjmM7w)

"Leading Iranian vehicle manufacturer Iran Khodro Company (IKCO) and PSA Peugeot accomplished one-fifth of a 2016 deal by so far investing €100 million ($106.9 million) in a joint company in Iran, said an official. Each of the two companies has invested €50 million ($53.4 million) in the factory whose first product, Peugeot 2008 will be out by March, Hashem Yekke Zare, CEO of IKCO, was quoted as saying in an Iran Daily News report, citing Fars News Agency. The two companies from Iran and France signed a contract on June 21, 2016, to launch a joint company in Iran to produce Peugeot cars, it said. Zare further noted that Iran's share of the parts that will be used will initially be 40 per cent and increase to 70 or 80 per cent in two years." (Trade Arabia, "Iran Khodro, Peugeot Invest $106m in Iran Plant," 1/31/2017).  (http://www.tradearabia.com/news/IND_319990.html)

“Hundreds of Iran’s 2,000 or so car part producers have gone bankrupt or switched to other areas of manufacturing and thousands of workers have been laid off in the past two years amid crippling sanctions imposed over the country’s nuclear programme. The sanctions caused a sharp drop in imports and led PSA Peugeot Citroën and Renault, the French car producers on which Iran’s car industry was dependent, to all but abandon the Iranian market…Renault, which was selling nearly 100,000 cars a year in Iran before sanctions came into force, was quick to resume shipments once the relaxation of sanctions came into effect. This has already led to a rise in daily production. Its rival Peugeot, which sold 458,000 cars in Iran in 2011 – nearly a third of the total market – is also poised to return to the country, which was once its second largest market after France. The new developments ‘have definitely energised the car production sector,’ said Mohammad-Reza Najafimanesh, a member of the Tehran House of Industries and Mines, a non-governmental body.” (Financial Times, “Iran’s automobile sector faces slow revival after sanctions lifted,” 2/24/14) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.ft.com/intl/cms/s/0/12c7e8b2-998e-11e3-91cd-00144feab7de.html#axzz2uLcFVAZi)

"In Paris, PSA Peugeot Citroen Chief Executive Carlos Tavares said Wednesday the company had reached an agreement with a local partner to sell its DS models in Iran. Both Peugeot and Renault SA were key companies in Iran’s automotive industry before sanctions took hold." (Bloomberg, "Rouhani Gets French Invite as Iran Deal Eases Isolation," 7/29/15) (http://www.bloomberg.com/news/articles/2015-07-29/fabius-visits-tehran-as-nuclear-deal-loosens-iran-s-isolation)

“Iranian carmaker Iran Khodro has set conditions for French giant Peugeot to return to the Iranian market. Iran Khodro Managing Director Hashem Yekkeh Zare' said Peugeot should end its assembling works and focus on manufacturing products jointly with the Iranian company, Iran's Mehr news agency reported on May 5. We want them to transfer technology to us and establish research and development centers in Iran, Yekkeh Zare' said. We are ready to resume cooperation with Peugeot only if it accepts this framework, he noted. The French car makers Renault SA and PSA Peugeot Citroën SA have taken initial steps toward resuming deliveries to Iran, previously one of their biggest markets.” (Trend, “Iranian carmaker sets conditions for Peugeot to return to Iran,” 5/5/14) (http://www.unitedagainstnucleariran.com/company/renault) (http://en.trend.az/regions/iran/2270635.html)

General Motors became the second-largest shareholder in Peugeot in March, buying 7% for EUR240 million. The GM alliance with Peugeot--Europe's second-largest car maker after Germany's Volkswagen AG --also covers the joint development of new parts and platforms on which their brands will base new models. That is seen as a key advantage in attempts to revive the fortunes of the French car maker, which is struggling amid a downturn in the European automotive industry' . . .

"The boss of French carmaker Peugeot Citroen has held talks with his Iranian joint venture partner to consider returning to the country, the official IRNA news agency reported Monday. According to IRNA, the 10-hour meeting between Peugeot Citroen chief executive Maxime Picat and Hashem Yeke Zare, the boss of car manufacturer Iran Khodro, was aimed at exploring 'new scope for cooperation.' ‘Fulfilment of the previous commitments, transferring the technical know-how, mutual production of cars as well as selling Iran Khodro's vehicles through the French exporting network were discussed and reviewed during the meeting,’ the report said. The meeting took place last week, a source close to the talks told AFP.” (AFP, “Iran, France giant carmakers meet on resuming ties,” 5/5/14) (http://www.globalpost.com/dispatch/news/afp/140505/iran-france-giant-carmakers-meet-resuming-ties)

President Donald Trump's decision to reimpose sanctions raises the risk of impairments, though much of the money committed won't have been spent yet. Renault still has EUR784 million of write-downs on its books from the 2010 round of sanctions.Even the best-case scenario in Iran is a management headache Peugeot ( PEUGF --) and Renault could do without." (May 11, 2018).  (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF) (https://eresearch.fidelity.com/eresearch/markets_sectors/news/global_story.jhtml?storyid=201805110522MRKTWTCHNEWS_SVC000050&provider=MRKTWTCH&product=NEWS_SVC&category=AsiaPacific%2CMiddleEastOrAfrica&searchTopic=AsiaPacific)

“A delegation of some of France's biggest companies will visit Iran next month to seek business as relations thaw with western powers, the head of the employers' union said on Wednesday…The prospect of an easing of trade restrictions has whetted the appetite of French firms eager to win back business in a country where some used to have extensive operations. The French Medef bosses' association has organized the visit for February 2-5, its president Pierre Gattaz told a news conference, confirming a report about the trip in the Wall Street Journal…Former French ambassador to Iran Francois Nicoullaud told Reuters that French firms that operated in Iran before the sanctions wanted to return. He cited Renault, PSA Peugeot Citroen, Airbus Group , Credit Agricole, Societe Generale and BNP Paribas. Peugeot and Renault already sent executives to Iran for an automotive conference last year.” (Reuters, “French trade delegation to visit Iran next month,” 1/15/14) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.unitedagainstnucleariran.com/company/airbus-group) (http://www.unitedagainstnucleariran.com/company/credit-agricole) (http://www.unitedagainstnucleariran.com/company/societe-generale) (http://www.unitedagainstnucleariran.com/company/bnp-paribas) (http://www.reuters.com/article/2014/01/15/us-france-iran-idUSBREA0E1IZ20140115)

"PSA Peugeot Citroen SA (UG.FR, PEUGY) and hundreds of smaller firms are feeling the sting of sanctions against Tehran as the French government withholds 220 million euros set aside by an Iranian bank for future payments for exports, due to a fear of harming Peugeot's alliance with U.S. auto-maker General Motors Co. . . . The French Treasury has refused to release any of the money previously set aside in a Bank Tejarat account in Paris to guarantee payments for exports. The deliveries had been committed before the European Union introduced sanctions on the Iranian commercial bank on Jan. 23, people familiar with the matter said this week. Although the EU had allowed a two-month period for completing ongoing transactions with Bank Tejarat, the companies are still waiting for the French Treasury to permit the funds' release.  (http://www.unitedagainstnucleariran.com/company/general-motors)

--

"A French car manufacturer that is partially owned by the taxpayer-funded General Motors Company (GM) claims to have ceased its longtime business dealings with Iran, though experts have cast doubts on this claim. GM owns a seven percent stake in PSA Peugeot Citroën, which has faced intense scrutiny for its business relationship with Iran. Peugeot has long been one of Iran’s central auto partners, providing parts and technology to Iran’s leading car manufacturer, Khodro Company. Khodro is believed to have economic ties to the regime’s Islamic Revolutionary Guard Corps (IRGC). Although Peugeot and GM maintain the manufacturer “suspended" shipments to Iran in March, sanctions experts argue that the relationship has continued to flourish behind the scenes. 'We are still quite concerned with Peugeot’s business in Iran,' said Nathan Carleton, spokesperson for United Against Nuclear Iran (UANI), a nonpartisan advocacy group that pressures international companies to cease dealings with Tehran. 'While Peugeot has claimed to have suspended shipments to Iran, numerous reports show that parts are still arriving there and automobiles still being produced—since March 2012 more than 100,000 Peugeot vehicles have been produced in Iran,' Carleton said. Peugeot’s alliance with Iran is of particular concern to UANI and other observers due to GM’s stake in the corporation. 'In this holiday season, as charities compete for Americans’ generosity, Americans should know that thanks to GM’s partnership with Peugeot, a company funded with their tax money has effectively made its own charitable contribution to enrich a genocidal regime,' said Michael Rubin, a former Pentagon adviser on Iran and Iraq. As one of Tehran’s top trading partners, the GM-backed Peugeot is responsible for injecting billions into the Iranian economy, thereby frustrating Western efforts to sanction Iran for its nuclear enrichment program. 'The hundreds of millions of dollars that Citroen generates for the Iranian economy through taxes, fees etc., flows through the IRGC, the entity that runs the financial arm of Iran’s nuclear and terror programs,' said Mark Langerman, a financial adviser who is managing director at the Patriot Fund, an investment firm that shuns companies tied to Iran... Reports indicate that Peugeot’s cars were still being sold in Iran as recently as November. Peugeot’s claim to have 'suspended' its business with Iran does not go far enough, said UANI’s Carleton. 'Peugeot has never said that it will permanently leave Iran or taken any sort of stand against the Iranian regime,' he said. 'At best Peugeot has announced temporary suspensions of shipments but vowed that they might resume in a few months. That is not the point of sanctions or our campaigns. Peugeot must pull out of Iran.' Peugeot disputes its critics’ claims, stating that it is simply impossible for the company to continue its Iranian exports... Economic sanctions have made it virtually impossible for companies such as Peugeot to secure financial assurance on its deliveries to Tehran, the spokesperson said... Peugeot does not intend to resume business with Iran in the near future due to increasing economic sanctions, according to the spokesperson. The French carmaker has historically shipped parts to Iran’s Khodro, which then assembles and manufactures various Peugeot-designed automobiles. Peugeot has also co-developed certain model vehicles with Iran, which has the manufacturing capability to fabricate some of these cars domestically... Iranian press reports have indicated that the suspension of Peugeot’s car parts shipments have failed to cripple the country’s auto sector. 'Iran has succeeded to not only supply spare parts for Peugeot cars it manufactures, but also to design and market other cars,' Mohsen Salehinia, Iran’s deputy minister of industry, was quoted as saying earlier this year. Several Peugeot car models were 'still being sold in Iran' as late as November, according to Azerbaijan’s Trend News Agency. GM originally struck a deal to purchase seven percent of Peugeot in February, when the company was still dealing with Iran despite U.S. economic sanctions banning this type of activity. GM spent $400 million for its stake in Peugeot, according to reports." (The Washington Free Beacon, "Making Mullah Mobiles," 12/17/2012) (http://freebeacon.com/making-mullah-mobiles/)

Any release of letters of credit to Peugeot could complicate matters for the General Motors tie-up, because Tejarat is under sanctions in both Europe and the U.S., a person familiar with the matter said. This leaves the future of the French auto maker's business with Iran in limbo. Both Peugeot and General Motors declined to comment on the Tejarat funds. A spokesman for General Motors did say that Peugeot had made the decision to suspend the shipments of spare parts to Iran prior to entering the alliance. 'GM's agreement with Peugeot is fully compliant with US law governing trade with Iran, and is not intended to benefit Iran in any way,' the spokesman for the U.S. automaker said.

Peugeot's Iran business is particularly sensitive because the U.S. Treasury holds a stake in GM. GM said in February that the Treasury held a 31.9% stake. That could make the very institution that enforces sanctions in Washington an indirect beneficiary of Iranian business if Peugeot received payment from the Middle-Eastern nation. Yet while confirming Peugeot had suspended deliveries to Tehran for the time being, a Peugeot spokeswoman said the company has not permanently pulled out of Iran." (Dow Jones, "France Withholds Funds From Peugeot Over Iran Sanctions Fears -Sources," 8/21/12) (http://www.4-traders.com/GENERAL-MOTORS-COMPANY-6873535/news/France-Withholds-Funds-From-Peugeot-Over-Iran-Sanctions-Fears-Sources-14467631/)

GIANTS WITH A FOOT IN TEHRAN: Total, Shell, Statoil, BNP Paribas, Commerzbank, MTN, UPS, Linde, Technip, Nokia, Ericsson, Peugeot, Renault, OMV, Societe Generale, ENI, Mitsubishi, Sumitomo, Siemens, LG, Samsung, Bosch, Valeo, Nestle, Unilever, BAT, Japan Tobacco. (The London Times, American pressure threatens UK firms, May 27, 2006) (http://business.timesonline.co.uk/tol/business/economics/article727079.ece)

-- "France's Peugeot-Citroen (PSA) announced its return to Iran on Tuesday, signing a 400-million-euro joint venture with its old partner Iran Khodro in Tehran. The first cars produced under the new venture are set to hit Iranian roads in February, with the aim of producing 200,000 vehicles a year by 2018. PSA is the first Western carmaker to announce a return to Iran since many economic sanctions were lifted in January when a landmark nuclear deal with world powers took effect. It had signed an initial deal during a visit by President Hassan Rouhani to Paris in January. 'Today is the comeback of PSA to Iran. We are very proud,' said Jean Christophe Quemard, who oversees PSA's Middle East and Africa operations. 'This company is committed to Iran and through this Iranian company we show that we are really committed for the future and ready to invest in this country.' The 50-50 joint venture will manufacture three models -- the Peugeot 208, the 2008 sport utility vehicle and 301 compact -- using parts mostly made in Iran. Some 400 million euros ($450 million) will be invested over the next five years, Quemard said at the ceremony, flanked by Iran Khodro chief executive Hashem Yekeh-Zareh. The money will go into building manufacturing capacity in Tehran, as well as research and development, PSA said in a separate statement. Yekeh-Zareh said 30 percent of the cars produced will be exported to the Middle East and beyond." (AP, “France's Peugeot-Citroen in 400 mn euro Iran comeback,” 6/21/2016) (https://www.yahoo.com/news/frances-peugeot-citroen-400mn-euro-iran-comeback-142708171.html)

"France's PSA Peugeot Citroen , the biggest-selling European carmaker in pre-sanctions Iran, has hit a setback in its bid to reclaim that throne: domestic rival Renault. Peugeot has been struggling to negotiate a bigger manufacturing deal with partner Iran Khodro, the country's largest automaker, amid lingering anger over its abrupt 2011 withdrawal. Now Renault plans to use $560 million of its cash that had been trapped in Iran to seize the advantage, after July's international deal to lift sanctions in exchange for nuclear curbs on Tehran, people familiar with the matter said. 'Our strategy is to be the biggest carmaker in the country,' said a Renault source with knowledge of the discussions. 'PSA has made a lot of statements (about Iran),' the Renault source said. 'Chickens shouldn't be counted before they are hatched.' ... For Renault and Nissan, its 43.4 percent-owned alliance partner, Iranian production would bolster an already strong presence in emerging markets... 'Unlike PSA we have always remained in Iran,' a Renault source said. 'Loyalty should pay.'" (Reuters, "French carmakers duel over Iran," 9/3/15) (http://www.reuters.com/article/2015/09/03/iran-nuclear-peugeot-renault-idUSL5N10M2J020150903)

"Iran said on Sunday that an agreement has been finalized with the French auto major Peugeot for the production of cars in the country. Hashem Yekke-Zare, the managing director of Iran Khodro Industrial Group, has told reporters that the agreement with Peugeot has 'exceptional terms' that cannot be compared with any previous deals with foreign auto makers.  'Based on the deal with Peugeot, a joint venture will be established with Iran Khordro,' Yekke-Zare has been quoted as saying by Mehr news agency. 'Peugeot will accordingly have to export 30 percent of the products that are produced in the joint venture,' he added. Yekke-Zare further emphasized that once the agreement with Peugeot is made operational, Iran and France will create a hub for the exports of cars in the Persian Gulf region. He also said Iran Khodro is at the same time negotiating with a non-Asian partner whose name will be announced in the near future... Iran Khodro has already signed several JV deals with European and Asian majors including Peugeot, Renault, Mercedes-Benz and Suzuki." (PressTV, "Iran finalizes "exceptional" new JV deal with Peugeot," 3/1/15)  (http://www.presstv.ir/Detail/2015/03/01/399708/Iran-finalizes-new-deal-with-Peugeot)

Both have committed big sums to new joint ventures designed to bring more modern cars to Iran. Peugeot ( PEUGF ) signed a EUR400 million ($476 million) deal in 2016, Renault a EUR660 million deal last October. The latter wants to roughly double sales in the country by 2022.) French rival Renault, which never left Iran during the period sanctions were in place, sold 162,000 vehicles. (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF)

France's PSA Group is pushing ahead with an Iranian plant investment and production ramp-up in the face of a hardened U.S. stance against Tehran under President Donald Trump that could play to the carmaker's advantage, a senior executive said. The group's Peugeot brand is about to begin production with local partner Iran Khodro, while PSA is also preparing to invest more than 100 million euros ($106 million) in a new Citroen plant with partner SAIPA, PSA Middle East chief Jean-Christophe Quemard [said]... Peugeot returned to Iran last year after an international deal to lift sanctions in return for curbs on Tehran's nuclear activities, and has reclaimed its place as the country's top-selling car brand with a 32 percent market share last year, according to IHS Automotive data. The carmaker inked a 400 million euro ($424 million) Peugeot production agreement last June and a 300 million deal for Citroen four months later... "This is our opportunity to accelerate," he said. "It will become even harder for American companies to operate, that's for sure. We've opened up a lead and we plan to hold on to it"... (Reuters, "Peugeot Sees Trump's Iran Stance Boosting Market Lead," 2/14/2017). (http://r20.rs6.net/tn.jsp?f=001G_uQuNzKznSI-z_-Bxn5uS-tNEl-acuK4Vc6_l-RGaVPH53vMHQjM2XhW43aq4I9BODS91xTdQl4xXjs57zz-cXkUVHeHf0zo8ZUHmw6ueWoW3IZPTRZi1nPI3Dz5LJlfZq-tqj5qZQdVjzWRoAsE_FYkuVS8GvVIXgyulaUnw0J6_NnE3qbwTx2aA5oH5SA-V3wlYOz1wjGbqzP-AMe714pU-zoSCks&c=k5orWUVizSBfm5Gfi1LqZ2Ta1FVSwCaaPGxvA-xxiOvpm8l9r1cQxQ==&ch=-iY8Zodp1KHNJU1xhmiqU5zySLMWR0iHGcmwjykhCvlymOI3813CJg==)

“France’s PSA Peugeot Citroen and Renault, in particular, stand to gain from renewing their once-sizeable Iran activities. The company is now following the situation with interest, said spokesman Pierre-Olivier Salmon. ’The group has renewed contacts to prepare a possible resumption of activities with Iran,’ he added.” (AP, “European businesses rushing to find Iran bonanza,” 1/22/14) (http://www.washingtonpost.com/world/europe/european-businesses-rushing-to-find-iran-bonanza/2014/01/22/6cfc709a-8387-11e3-a273-6ffd9cf9f4ba_story.html)

"Iran's auto production fell by more than 36 percent over the past three months, the industry ministry was quoted by ISNA news agency as saying on Saturday, citing 'lack of money' . . . The decline coincides with the halt of parts deliveries to Iran by French manufacturer Peugeot because of Western sanctions. Peugeot is a partner of the main Iranian auto maker Iran Khodro (IKCO), which manufactures the 405 and 206 models, whose output represents approximately 40 percent of Iranian automobile production. They incorporate 5-10 percent of components imported from France. Peugeot announced in February it had stopped shipping to Iran and repatriated most of its staff. It cited difficulties created by the Western banking embargo against Tehran, which has complicated trade and caused a shortage foreign currency. IKCO's parts imports from Peugeot accounted for 700-800 million euros ($572-654 million) per year, according to figures available in Tehran." (Daily Star, "Iran auto production drops over past three months," 7/14/12) (http://www.dailystar.com.lb/Business/Middle-East/2012/Jul-14/180616-iran-auto-production-drops-over-past-three-months.ashx#axzz20l5X5Tqo)

"French automaker Peugeot-Citroen (PSA) said Thursday it had signed a preliminary agreement on creating a joint venture that plans to invest more than 300 million euros ($330 million) to build and sell Citroen vehicles in Iran. The move follows a deal by PSA last month on a 400-million-euro deal with its old partner Khodro to build 200,000 Peugeot vehicles a year in Iran by 2018. PSA said it and SAIPA, Citroen's historical partner in Iran before international sanctions, planned to sign a final agreement later this year. The joint venture, in which PSA and SAIPA will each have a 50 percent stake, aims to have the first cars rolling off an assembly line in 2018 from a plant in Kashan, some 200 kilometres (120 miles) south of the capital Tehran. PSA said three Citroen models specifically designed for the Iranian market are planned and the joint venture aims to build 150,000 cars per year in five years time... PSA was the first Western carmaker to announce a return to Iran since many economic sanctions were lifted in January when a landmark nuclear deal with world powers took effect." (Agence France-Presse, "French carmaker to build Citroens in Iran." 7/22/2016).  (https://au.news.yahoo.com/world/a/32119704/french-carmaker-to-build-citroens-in-iran/#page1)

“Iran's media say French giant automaker Peugeot will form a joint venture with the country's leading car manufacturer Iran Khodro. The Persian-language Iran newspaper said on Tuesday that final talks over the JV have been held in Paris and the two sides are expected to sign a deal to the same effect 'within the next few weeks'. Each side will have a share of 50 percent in the venture, Iran added. The report said Peugeot will be committed under the deal with Iran Khodro to provide investment, technical know-how, new products and the related assembly lines. Iran Khodro in return will be committed to provide after sales services, the sales networks as well as its own share of the assembly lines. 'This is for the first time that a foreign company is investing in Iran's auto sector with such a huge share of investments,' said the report. It further added Citroen, another French automaker which is part of Peugeot, is in talks over a similar partnership with their old Iranian partner - Saipa." (Press TV, "Peugeot, Iran Khodro to sign JV deal soon," 5/12/15) (http://www.presstv.ir/Detail/2015/05/12/410606/Iran-Peugeot-Venture-Deal-Automobile-)

---

"[T]he auto sanctions were lifted earlier this year after an interim nuclear agreement was reached between Iran and world powers and a final accord is still on the horizon, raising the prospect of better times for the industry. That will draw international suitors to Tehran on Monday for the second consecutive Iran Auto Show. Mercedes Benz, Volkswagen, Renault, Peugeot, Kia and Toyota have confirmed [they will attend]." (Agence France-Presse, "Foreign automakers find Iranian market has gone local," 11/30/14) (http://www.globalpost.com/dispatch/news/afp/141130/foreign-automakers-find-iranian-market-has-gone-local)

"In March, General Motors said its French partner, PSA Peugeot Citroën, suspended shipments of vehicle components to an Iranian carmaker, in compliance with US laws governing trade with Iran. Peugeot supplied parts to Iran Khodro, the country's biggest carmaker... They also say it is likely Iran Khodro has considered replacing Peugeot with other suppliers, but do not rule out the short-term difficulties that such a supply disruption could cause." (Financial Times, "Iranian Car Industry Weathers Stormy Year," 5/8/2012) (http://t.uani.com/IS2r1g)

"General Motors Co. said Wednesday that its French partner, PSA Peugeot Citroen SA, has suspended shipments of vehicle components to an Iranian car maker, and that its alliance with Peugeot "is fully compliant with U.S. law governing trade with Iran." GM has faced criticism from United Against Nuclear Iran, a group founded by a former U.S. ambassador to the U.N., and others opposed to the Iranian regime for agreeing to buy a 7% stake in the French car maker, because Peugeot has in the past supplied parts to Iranian car maker Iran Khodro.  GM, in a statement, said "we have discussed this issue with Peugeot. We understand that they made the decision to suspend the production and shipment of material into Iran some time ago--before we entered into our alliance with them in fact--and have decided to continue with that suspension. Our agreement with them is fully compliant with US law governing trade with Iran, and is not intended to benefit Iran in any way." (Wall Street Journal, "GM Says Peugeot has 'Suspended' Shipments to Iranian Car Maker, " 3/28/12) (http://online.wsj.com/article/SB10001424052702303404704577310142671051010.html)

"A visit to Iran by a large French business delegation drew a stern warning from Washington that most US sanctions remain in place and will be enforced even against allies. The 116-strong French delegation, with representatives from major companies like Total, Lafarge and Peugeot, was the largest of its kind from Europe since a landmark nuclear deal reached with the major powers in November gave Iran limited relief from crippling US and EU sanctions. French employers' union vice president Thierry Courtaigne said the delegation, which arrived in Tehran Monday, wanted to assess the commercial opportunities opened up by the easing of Western sanctions…The French were given a warm welcome by Iranian leaders, who promised new measures to encourage foreign investment, particularly in its oil and gas sector. In a speech to them, Deputy Oil Minister Ali Majedi said Iran's latest five-year plan, running from 2010-2015, calls for $230 billion of investment in its petroleum industry, of which $150 billion would go to upstream activities, according to the official IRNA news agency. He said nearly all downstream projects, for refineries and distribution, would be offered on a build-operate-transfer (BOT) or build-own-operate-transfer (BOOT) basis.” (AFP, “French business push in Iran draws US sanctions warning,” 2/4/14) (http://www.unitedagainstnucleariran.com/company/total-sa) (http://www.unitedagainstnucleariran.com/company/lafarge) (http://www.google.com/hostednews/afp/article/ALeqM5ghFRvfbEXNo0FgqEmmDoFcyBZTrg?docId=406ac444-fc2e-4ae6-8115-f8bf95ad2ef5)

"But its population of about 75 million includes a sizeable urban middle class who have been avid consumers of foreign-made goods, including Samsung and Sony electronics and Peugeot cars." (Reuters, "Iran says it will cut imports of non-essential goods," 10/14/2012) (http://www.reuters.com/article/2012/10/14/iran-economy-idUSL5E8LE3AC20121014)

"When western sanctions prevented PSA Peugeot Citroën from supplying cars to Iran three years ago, the French car manufacturer lost access to its second-largest market. Until then, the company had been selling nearly half a million vehicles in the country each year. The sale of Peugeot branded cars remained mysteriously strong, however. Around 300,000 Peugeot branded cars were registered last year alone in Iran, according to registration data and a person close to the company, as partners which had once constructed the cars locally from Peugeot kits appeared to source components from elsewhere... Peugeot last month signed a non-binding agreement with Iran Khodro for a 50:50 joint venture to produce cars together as soon as possible, people close to the French group have revealed... Elsewhere in the car market, Renault has already started a low-level supply of car kits to Iran, in compliance with certain recently relaxed sanctions." (Financial Times, "Peugeot and other European groups rev up for return to Tehran," 5/19/15) (http://www.ft.com/intl/cms/s/0/13929e10-fd6d-11e4-b072-00144feabdc0.html)

"PSA Peugeot Citroen became the first western company on Thursday to sign a binding contract with an Iranian group following the lifting of sanctions earlier this year. The French car maker signed a joint venture with Iran Khodro to produce a range of cars, saying it expected to invest €400m over the next five years in developing facilities in the country. Carlos Tavares, the chief executive of PSA, said at a press conference in Paris that the deal 'turns the page on the period of international sanctions' and allows the group and Iran Khodro to start a 'new chapter in their 30-year relationship'... PSA said it had been talking to its Iranian partner for 18 months. Peugeot is the number one foreign brand in Iran, with 30 per cent of the market today. The company sold nearly half a million cars a year before 2012, when sanction forced it to pull out. Iran Khodro continued making Peugeot branded cars, however. PSA will now invest in modernising platforms, particularly in the main Iran Khodro site near Tehran. The investment will also allow for the export of vehicles to the region as well, said Mr Tavares. It will begin by producing 200,000 cars a year in a 50:50 joint venture, producing the Peugeot 208, 2008, and the 301. Vehicle production will start in the second half of 2017. The company also said that the Iranian car market should bounce back to 2011 levels of selling 1.6m cars a year within two years. Sales would reach 2m by 2020, it said." (Financial Times, “Peugeot signs binding contract with Iranian group,” 1/28/2016) (http://www.ft.com/fastft/2016/01/28/peugeot-signs-binding-contract-with-iranian-group/?ft_site=falcon&desktop=true)

"Iran Khodro Co., the country’s largest carmaker, can manufacture all automobile parts that PSA Peugeot Citroen (UG) used to supply, Tehran Times reported, citing Chief Executive Officer Javad Najmeddin. Iran Khodro can construct parts for its Peugeot 206 and Runna passenger cars without backing from the French company, Najmeddin said. PSA Peugeot Citroen suspended sales of car assembly kits to Iran in February, local reports said on July 31." (Bloomberg, "Iran Khodro Says Peugeot Parts No Longer Needed, Tehran Times," 12/26/2012) (http://www.bloomberg.com/news/2012-12-26/iran-khodro-says-peugeot-parts-no-longer-needed-tehran-times.html)

"IKCO CEO said the first joint product of Iran Khodro Industrial Group and Peugeot Car Company will become available in March 2017. Hashem Yekkeh Zare said the Iranian and French sides each deposited more than 15 million dollars in the joint account giving a total of about 30 million dollars indicating official launch of IKCO-Peugeot Joint Venture (IKAP); 'the new joint firm is scheduled to release its first product by March, 2017 on the basis of a contract which requires the French party to transfer new technology to Iran.' Pointing to the held negotiations for launching joint venture activities with other eminent automakers, the official said 'so far, talks have been conducted with six firms with two agreements going through final stages.'" (Mehr News Agency, "IKCO, Peugeot to release 1st joint product within months." 7/20/2016).   (http://en.mehrnews.com/news/118246/IKCO-Peugeot-to-release-1st-joint-product-within-months)

"Auto production in sanctions-hit Iran nosedived by more than 42 percent in the past six months, media reports said on Thursday, citing industry ministry figures. Some 459,440 vehicles were produced from March 21 to September 20, according to the figures, while production stood at 792,286 in the same period in 2011, ISNA news agency reported. The drop accelerated in the month from August 21 to September 20, with the ministry recording a 66-percent fall compared with the same period last year. Iran built more than 1.5 million vehicles last year. The report did not provide any explanation for the drastic drop. However, the decline coincides with a strengthening of Western economic sanctions against Tehran, and the halting of parts deliveries by French manufacturer Peugeot because of the punitive measures. Peugeot is a partner of top automaker Iran Khodro (IKCO), which manufactures the 405 and 206 models and whose output accounts for about 40 percent of Iranian automobile production... Citing executives, business daily Donaye Eghtesad said the decline was 'unprecedented for the past 20 years' and could create difficulties for the whole industry, including subcontractors, with plant closures and layoffs, if the government does not come forward with $1 billion in aid. The sector generates about 500,000 direct and indirect jobs in Iran, according to official estimates." (Agence Presse-France, "Iran car output plunges 42% amid sanctions," 10/11/12) (http://www.google.com/hostednews/afp/article/ALeqM5jKe59IrpBqXiYomAY0hv40oD4VwA?docId=CNG.ae6dae93ea5a8562dabc32c3f647df41.371)

"ISACO Chief Executive Officer Behzad Zahiri...said that IKCO has not yet received any official announcement from Peugeot indicating a halt in their mutual cooperation...Currently 10 to 15 percent of spare parts required for IKCO cars are supplied by Peugeot. In case Peugeot stops spare part supply, the required parts could be easily replaced by domestic suppliers or suppliers from other countries. Last year, 37 percent of the needed...The French auto-manufacturing group PSA Peugeot Citroen has suspended operations at one of its factories in northeastern France because of a halt to shipments of spare parts from Iran. PSA Peugeot Citroen reportedly stopped its trade with Iran on February 20 after the enforcement of US-led sanctions against the Islamic Republic for its nuclear energy program. Iran was PSA Peugeot Citroen’s second-biggest market in 2011 in terms of trade volume" (PressTV, "ISACO ready to supply spare parts if Peugeot imposes sanctions," 4/19/12) (http://www.presstv.ir/detail/236991.html)

"Major carmakers and parts suppliers showed up in Tehran on Saturday to assess the Iranian market's 'considerable potential,' just one week after Iran's historic nuclear agreement with world powers. The International Conference of the Automotive Industry, the first such event in Iran, has brought together more than 150 companies from around the globe, according to organisers…Industry Minister Mohammad Reza Nematzadeh said he wanted 'more cooperation with foreign companies,' including French manufacturers Peugeot and Renault, both of which have had a long history of doing business with Iran…Peugeot, which left Iran in spring 2012, sold 458,000 vehicles the previous year in Iran. The French firm has renewed ties with its longstanding partner, Iran Khodro, said a source within Iran's top car manufacturer. 'We had good talks,' the source told AFP." (AFP, Carmakers rev up for return to Iran market, 12/1/13) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.google.com/hostednews/afp/article/ALeqM5hSt2opDjMS-ospdUKp4qYIDOiePw?docId=5ad2ee62-3326-4f8f-b8f7-8a224f654728)

"PSA Peugeot Citroen ended parts shipments to Iran as European Union (EU) sanctions were imposed, but sources in the country have claimed IKCO was continuing to produce Peugeot vehicles using complete localisation. PSA said it no longer supplied parts to Iran, partly as as result of the difficulties in obtaining finance due to severe banking sanctions imposed by the EU and the US." (Just-Auto, "Iran: Renault Mulls New US Iran Executive Order as IKCO Claims CKD Clio Build," 7/23/13) (http://www.just-auto.com/news/renault-mulls-new-us-iran-executive-order-as-ikco-claims-ckd-clio-build_id136513.aspx)

"Such car brands as Nissan, Peugeot (sedan and hatchback), Toyota for several reasons, stopped their car manufacturing in Iran several months ago. Because French Peugeot Company and Iran Khodro stopped the co-operation, the manufacturing of Peugeot 206 in Iran has stopped. As for Nissan's Maxima brand, the giant car manufacturer from Japan halted its business in Iran after 11 years. However, in both cases with Nissan and Peugeot, several models are still being sold in Iran, such as Peugeot's 405 model, and Nissan's Teana. The report said that aside from Nissan and Peugeot, such car brands as Chinese Lifan, Mazda, Suzuki, and Hyundai are still being manufactured in Iran." (Trend, "Five reasons why Iran's car manufacturing suffers blow after blow," 11/27/2012) (http://en.trend.az/regions/iran/2092624.html)

More than 1,000 parts have been identified for manufacturing ‘Peugeot 301’ passenger car, he said, adding, “over 140 top Iranian auto parts manufacturers have participated for manufacturing the parts. Yekkeh Zareh insisted that the car will keep the logo and name of France’s Peugeot despite the fact that the company reneged on its promises and left the Iranian market in June 2016. Based on its deal with IKCO, the PSA Peugeot Citroën was supposed to invest up to €400 million over a five-year period to produce, launch and market three of its models, including the 301. In late July, an IKCO director had announced that the company would put domestic engine EC5, an improved version of TU5 on Peugeot 301 cars." (Tehran Times, 10/6/2019). (https://www.tehrantimes.com/news/440856/Iranian-made-Peugeot-301-platform-to-be-used-for-a-number-of)

"French manufacturer PSA Peugeot Citroen, which quit Iran, its second-largest market, in early 2012, is discussing a renewed partnership with IranKhodro. PSA said that the nuclear agreement 'should allow significant progress in ongoing discussions'." (Business Insider, "Foreign Firms are Eager to do Business in Iran once Sanctions are Lifted," 7/17/15) (http://www.businessinsider.com/afp-investors-eye-rewards-and-risks-in-post-sanctions-iran-2015-7)

“French automaker PSA Peugeot-Citroen has reached agreement with Iran’s leading carmaker Iran Khodro for the establishment of a factory in Iran, Iran Khodro’s CEO says. ‘Peugeot will set up a joint factory with Iran Khodro, held 50% by Peugeot and 50% by Iran Khodro,’ Mehr news agency quoted Hashem Yekkeh-Zare as saying. He said that the planned joint factory would export 30% of its manufactured vehicles. The official also said Iran Khodro would no longer assemble cars in Iran.” (Press TV, "France's Peugeot agrees to resume work in Iran," 3/10/15) (http://www.presstv.ir/Detail/2015/03/10/401198/Peugeot-agrees-to-resume-work-in-Iran-)

"On the other hand, Iran's major car producer Iran Khodro which had been a partner of France's Peugeot since 1989, had to close some production units and it raised its production prices by 10 per cent last month, while Iran's other major automaker Saypa increased its car prices by 18 per cent... Peugeot has not confirmed its alleged proposal to Iran officially, but regarding its increasingly financial problems, this seems believable, because Iran was Peugeot's second major market. PSA Peugeot Citroen Group, Europe's second biggest auto company, left Iran in February 2012, because of problems in financial transactions due to imposed sanctions on Iran's banking system. The financial situation for Peugeot is also not favourable. On Oct.24 the French auto company released its performance figures during the third quarter of 2012, saying in this period group revenues were €12.93 billion, down 3.9 per cent compared with the previous year. The French car manufacturer blamed financing problems for its February decision to halt sales to Iran, Peugeot brand's second biggest market following tighter international sanctions and the attendant financing difficulties affecting payments. It had warned about this earlier this month when announcing 8000 French job cuts and a plant closure. It is not clear how Iran would be able to eliminate payment problems en route of restarting cooperation with Peugeot, while western sanctions on its banking system remains unchanged, but in case the French company does return to Iran, it would not lead to a decrease auto prices in the country." (Trend, "Iran vehicle manufacturers eye PSA Peugeot Citroen as a reviver," 11/20/2012) (http://en.trend.az/capital/business/2090094.html)

"French automotive companies PSA Group (Peugeot owner) and Renault Group have recently released their 2017 sales reports and say Iran has been a driving force for their sales." (January 18, 2018). (https://financialtribune.com/articles/auto/80215/peugeot-renault-ties-to-iran-deepen)

"Iran Khodro (IKCO) says it is hopeful Iran's recent election of a new President will allow more partners - as well as its old Renault and Peugeot business allies - to have full operations in the country. Crippling sanctions - to which the new President Hassan Rouhani made reference in his first press conference yesterday (6 August) - have led Renault and PSA to suspend operations in Iran - but IKCO remains optimistic the situation can improve.'There is a hopeful environment - everybody knows this will be a new prospect - especially the car industry,' an IKCO spokesman told just-auto from Tehran. 'We have seen some foreign partners present in Iran, kind of suspended, but everybody here is very hopeful the new government and new environment will be started. So foreign partners will come to talk to IKCO - more than Peugeot and Renault - after the new environment new foreign partners come to negotiate with Iran.'" (Just-Auto, "IKCO holds out hope for more foreign partners as new President elected," 8/7/13) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.just-auto.com/news/ikco-holds-out-hope-for-more-foreign-partners-as-new-president-elected_id136959.aspx)

“Iran’s leading auto manufacturer, Iran Khodro Company (IKCO), has announced plans to cooperate with French automakers Renault and PSA Peugeot Citroen to produce four new vehicles in Iran. IKCO Chief Executive Officer Hashem Yekkeh-Zare said on Saturday that the Iranian carmaker will produce Peugeot 301 and Peugeot 2008 as part of its mutual cooperation with PSA Peugeot Citroen. He added that Iran Khodro and Peugeot will establish a joint venture with equal shares for car manufacturing...The developments came after the two French automakers showed interest in taking back the significant market position they enjoyed before the US-led sanctions on Iran were toughened in 2012 over the country’s nuclear energy program.”(Fars News, "IKCO to produce 4 new vehicles with Renault, Peugeot," 8/3/14)   (http://www.presstv.ir/detail/2014/07/26/372867/ikco-to-cooperate-with-renault-peugeot/)

"French giant carmakers Renault and Peugeot will continue cooperation with Iran. Jean-Christophe Quémard, Peugeot Operational Director of Middle-East and Africa, said the company is interested in launching production lines in Iran benefiting from state-of-the-art technologies, Iran's Fars news agency reported on Dec. 1. He made the remarks on the sidelines of the 2nd Iran Auto Industry International Conference, which opened today in Tehran." (Trend, "Renault, Peugeot to continue cooperation with Iran," 12/1/14) (http://en.trend.az/iran/business/2338958.html)

"The Fars branch CEO Mohammad Javad Habibi said the company produces one car per hour and it is expected to exceed five units this year. The unit has produced 250 Peugeot Pars sedans since the beginning of the mass production. Roughly 100 employees are working in the company, while the increase of production would create 150 job opportunities in every working position.  The company is IKCO's fifth local production site, the total investment for which rose to almost 60,000,000 dollars.  Production capacity of IKCO in Fars exceeds 30 thousand cars in a year. All types of Peugeot 405 sedans are currently mass produced in the company."  (Payvand, "Iran Khodro's Fars branch to produce 15,000 Peugeot Pars," 4/15/12) (http://www.payvand.com/news/12/apr/1141.html)

"French car-maker PSA Peugeot Citroen will pay Iran over 400 million euros ($446 million) in compensation for losses after it quit the country due to sanctions, the managing director of the country's largest carmaker said on Sunday. Peugeot, the biggest-selling European carmaker in pre-sanctions Iran, suspended sales in 2012 when an international boycott against Iran due to its nuclear program was extended to the automobile sector. Most sanctions were lifted in January. 'Based on the deductions ... 427.6 million euros of compensation will be paid by Peugeot to Iran Khodro because of the losses,' Hashem Yekke-Zare, managing director of Iran-Khodro Company, was quoted by the ISNA news agency as saying. Yekke-Zare said the compensation would be mostly in services and discounts, including auto parts for current models being produced in Iran and devices for Peugeot 207 models. Peugeot had also written off 11 million euros of Iran Khodro debts plus 65 million euros in royalties owed between 2012 and 2016, he said, adding 317 million euros would be in the form of future co-operation, including training. Peugeot declined to comment on details of the deal on Saturday but its spokesman told Reuters that 'the deal signed with Iran is a good and balanced one'. Last month, Peugeot and IKCO signed a joint-venture deal to produce latest-generation vehicles in Iran." (Reuters, “Iran says Peugeot to pay $446 million compensation for sanctions move,” 2/7/2016) (http://www.reuters.com/article/us-iran-trade-peugeot-idUSKCN0VG10V)

"After years of biting sanctions, countries are on the starting blocks ready to resume business with Iran, said one French economist... France used to have a strong presence in Iran before the sanctions went into effect, with Peugeot and Renault being major players in the Iranian auto industry and energy giant Total heavily involved in the oil sector... 'Unfortunately we are heavily criticised by Iranian society, which sees us as having abandoned them during a difficult time,' said Carlos Tavares, the chairman of French automotive giant PSA Peugeot Citroen, recently.  Chinese manufacturers 'are already at the door, the Americans too,' he said, adding that 'to rebuild trust (of the Iranians) is difficult.'" (AFP, "French Businesses Hoping to Beat the Rush Back Into Iran," 7/4/15) (http://news.yahoo.com/french-businesses-hoping-beat-rush-back-iran-190247717.html;_ylt=AwrC0wz8M5hVLhkAYKTQtDMD;_ylu=X3oDMTByOHZyb21tBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzcg--)

"Peugeot ( PEUGF ) has been a big brand in Iran for decades, but it quit the country in 2012 under pressure from General Motors(GM). The U.S. manufacturer had bought a 7% stake in its French peer with a view to sharing costs, but sold it in 2013 when Peugeot ( PEUGF  Peugeot's ( PEUGF ) aggrieved local partner Iran Khodro continued to make cars under the French brand; Peugeot ( PEUGF ) just didn't count them. That explains the surprising speed of the company's return after sanctions lifted and it patched things up with Iran Khodro. Last year it sold 444,600 vehicles in the country, yielding a market share of almost 30%. Peugeot's (PEUGF ) accepted a bailout from Chinese manufacturer Dongfeng Motor(0489.HK). (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF) (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF) (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF) (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF) (https://qr.fidelity.com/embeddedquotes/redirect/research?symbol=PEUGF)

"The chief executive of Middle East's top carmaker, Iran Khodro, has held talks with France's Peugeot as Iran prepares to welcome foreigners in light of sanctions relief for the Islamic Republic. Hashem Yekke-Zare was quoted by Mehr news agency as saying that he discussed joint manufacturing of auto parts in Iran during his recent visit to Paris. 'Peugeot pulled out of Iran's market due to the toughening of sanctions...Iran Khodro is seriously following up on damage incurred [following Peugeot's withdrawal],' he said. 'When we negotiate for new cooperation with Peugeot, we give assurances that national interests will be taken into consideration,' he added. Yekke-Zare said Iran Khodro expects Peugeot to 'invest in Iran and launch a research and development center.' According to previous reports, Peugeot will set up a joint factory with Iran Khodro, held 50% by Peugeot and 50% by Iran Khodro. The planned joint factory would export 30% of its manufactured vehicles." (PressTV, "Iran's top carmaker CEO holds fresh talks with France's Peugeot," 4/28/15) (http://www.presstv.ir/Detail/2015/04/28/408525/Iran-Khodro-Peugeot-car-manufacturing)

"French carmakers Peugeot and Renault look to be among the clearest beneficiaries of the interim deal that lifts some sanctions on Iran, with both hoping to leap back into the Middle East's biggest auto market. One of the explicit concessions world powers made in the accord signed Sunday in exchange for Iran curbing its nuclear programme was the promise to 'suspend US sanctions on Iran's auto industry.' For Peugeot and Renault, which had to pull out of Iran in 2011 and 2012 respectively, those words are worth big money -- especially as both are struggling in a languishing European climate. PSA Peugeot Citroen was the top car manufacturer in Iran before the sanctions, selling 458,000 vehicles in 2011 in what used to be its second-biggest market worldwide after France. Its cars, most of them assembled by an Iranian partner firm and rebranded, are ubiquitous on Tehran roads…PSA Peugeot Citroen 'is closely following the development of the situation concerning Iran, but we are not about to resume our sales activities tomorrow,' a company spokesman told AFP in Paris. The effects of the Iran deal 'are still unclear,' he said. 'The day when the sanctions no longer exist, we could look at how to return to our activities.' The caution shown by PSA Peugeot Citroen stemmed in part by the fact that it has US group General Motors as a partner. That relationship was seen as instrumental in it having to quit Iran despite the heavy operating loss of around a hundred million euros ($135 million) it represented between 2011 and 2012. Also to factor in is the temporary and 'reversible' nature of the deal with Iran, which is to apply for a six month period during which the Islamic republic and world powers will try to reach a permanent and comprehensive pact. On Monday, shares in PSA Peugeot Citroen soared 4.45 percent to 10.68 euros in afternoon trade, while Renault shares rose by 1.15 percent. That reflected what Tangui Le Liboux, an analyst at the Aurel BGC brokerage, said was the 'good news' the Iran deal brought the companies. 'The two French carmakers were the best placed among all their European rivals before the imposition of the embargo in recent years,' he said. The two companies will have the opportunity this week to renew their Iranian connections this week. The French industry ministry has organised a conference on Saturday in Tehran bringing together all of Iran's car makers. Renault has confirmed to AFP it will attend. PSA Peugeot Citroen declined to comment." (AFP, "France's Renault, Peugeot seen to profit from Iran deal," 11/25/13) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.unitedagainstnucleariran.com/company/general-motors) (http://news.yahoo.com/frances-renault-peugeot-seen-profit-iran-deal-155130389.html)

This is because the French government first wants to ensure that allowing the release of some of that money to Peugeot, for spare parts orders from Iran Khodro Co., won't jeopardize the French auto maker's alliance with General Motors, one person said. Iran Khodro Co. assembles automobiles from kits provided by the French company.

"Iran’s main automobile company, Iran Khodro, says it is coping with a decision early this year by troubled French car maker Peugeot to halt exports of vehicle kits for assembly, according to reports on Wednesday. 'Iran Khodro has managed to become self-sufficient in producing 90 percent of the parts for the (popular Peugeot model) 206, and an effort is being made to use local suppliers for parts that were previously imported,' company director general Hossein Najari was quoted as saying. Peugeot’s parent company PSA Peugeot Citroen in February suspended its sales of car assembly kits to Iran, which had been its top export market in terms of trade volume up to then. The decision appeared to be tied to Peugeot’s alliance with U.S. group General Motors, and U.S. sanctions pressure on Iran over its disputed nuclear activities. The United Against Nuclear Iran group, an influential US anti-Iran lobby group, says Iran Khodro is affiliated with Iran’s Revolutionary Guards, which are subject to specific US sanctions . . . Its exports to Iran, where locally assembled versions of its 405 and 206 models are prevalent on the roads, represented up to 800 million euros in revenue per year before they were suspended, according to figures given in Tehran. Iran automobile production has dropped by a third in the past three months, mainly because of Western sanctions and Peugeot’s decision." (Al Arabiya, "Iran says coping with Peugeot exit," 7/25/12) (http://www.unitedagainstnucleariran.com/company/general-motors) (http://english.alarabiya.net/articles/2012/07/25/228284.html)

"Last February, Peugeot, the French automaker that is a partner of Iran Khodro, Iran’s leading domestic automaker, withdrew from the country because of the strengthened Western sanctions." (The New York Times, "Data on Iran Dims Outlook for Economy," 10/12/2012) -- (http://www.nytimes.com/2012/10/13/world/middleeast/data-on-iran-dims-outlook-for-economy.html?_r=0)

"Deeply conflicting views as to whether or not PSA Peugeot Citroen has halted shipments of vital components to Iranian partner, IKCO, are being set against a widening clamour in the US for General Motors to put pressure on its new French partner to end the relationship with Tehran. Iran Khodro insisted to just-auto this afternoon (19 June) shipments of parts were continuing into ports in the country, with the French automaker previously saying it had suspended delivery of components for the 206 and 405 models until July to comply with European Union and US sanctions. Into the fray has also stepped powerful American lobby, United Against Nuclear Iran (UANI), which has been applying intense pressure on GM and Peugeot with the US manufacturer now holding 7% of its French partner. Writing two weeks ago in the US, UANI CEO, Mark Wallace, a former US ambassador to the United Nations noted: 'We again call on GM and Peugeot to take the responsible action of evaluating Peugeot's business in Iran and putting a complete and final end to it.' However, in calls made by just-auto to Tehran today, IKCO insisted ships were docking in Iran, as shown by the production lines continuing to run.'The evidence shows shipments is continued,' reliable sources in IKCO told just-auto. 'There is not any problem in shipments of Peugeot product parts - shipments of Peugeot are continuing here.' However, PSA remains adamant it has stopped supplying ICKO in accordance with the strict sanctions regime, adopting a robust position concerning Paris' position with Tehran, although it left open the possibility business could restart in September." (Just-Auto, "IRAN: IKCO and Peugeot at loggerheads on Tehran shipments," 6/19/12) (http://www.unitedagainstnucleariran.com/company/general-motors) (http://www.just-auto.com/news/ikco-and-peugeot-at-loggerheads-on-tehran-shipments_id124228.aspx)

"Efforts by PSA Peugeot Citroen and Renault SA to boost sales outside Europe’s slumping car market stand to get a boost from a deal to lift sanctions on Iran…Peugeot, Europe’s second-largest carmaker, sold 458,000 vehicles in 2011 in Iran prior to the trade sanctions, making the country the automaker’s second-biggest market after France. Chief Financial Officer Jean-Baptiste de Chatillon said last year that the sanctions had cut 10 million euros ($13.5 million) a month from operating profit. 'Any indication that we could resume doing business with our partners in Iran goes in the right direction,' said Jean-Baptiste Thomas, a Peugeot spokesman. 'We’ll see how we can do that the day sanctions are lifted.' Peugeot shares rose as much as 5 percent to 10.74 euros and were up 3.7 percent at 11:00 a.m. in Paris. The stock has surged 93 percent this year, valuing the company at 3.76 billion euros." (Bloomberg, "Peugeot Set to Benefit Most in Europe From Iran Accord," 11/25/13) (http://www.unitedagainstnucleariran.com/company/renault) (http://www.bloomberg.com/news/2013-11-24/peugeot-likely-to-benefit-most-of-peers-from-iran-accord.html)

"Iranian components division, SAPCO (Supplying Automotive Part Co) says it is dramatically increasing the localisation of content to build IKCO's new Peugeot 405-based pick-up truck next year as supply from the French automaker starts to dry up. Both the European Union and the US have imposed severe sanctions against Tehran including the banking sector, which have led Peugeot in particular to suspend shipments to its IKCO partner.'There are some problems now in Peugeot delivery about parts, but we are very urgently and very quickly localising direct sourcing from other countries,' SAPCO (Supplying Automotive Part Co) development department project manager, Mohsen Alikhani, told just-auto from Tehran.'Peugeot has not stopped supplying parts but [it] has been diminished, it is reduced.' And while IKCO concedes there are some 'fluctuations in supply, it remains confident of starting the the new pick-up production early next year . . . SAPCO's acknowledgement a reduction in component imports from sanctions-imposing countries was radically altering its supply chain, was backed up by recent comments to just-auto by PSA that it had suspended 206 and 405 parts shipments to Iran, although the automaker has left the door open to a possible restart in September . . . The issue is enormously sensitive with both PSA and its mooted new alliance partner, General Motors . . . Powerful US lobby groups such as United Against Nuclear Iran (UANI) have specifically targeted Paris and and Detroit by highlighting the 'taxpayer-funded US$50bn bailout of GM' in order to pressure both parties." (Just-Auto, "IRAN: IKCO swivels component sights to local as PSA shipments start to dry up," 7/11/12) (http://www.unitedagainstnucleariran.com/company/general-motors) (http://www.just-auto.com/news/ikco-swivels-component-sights-to-local-as-psa-shipments-start-to-dry-up_id124924.aspx)

"Last week, Qorbani announced that Benz, Volkswagen, Volvo, Fiat, Rover, Skoda, Renault, Peugeot, Kia and Toyota would take part in the Iranian auto expo, adding that the US car-manufacturers would also join the event. 'In case of desirable conditions, General Motors and Ford companies will also attend the event.' He continued that some leading car parts makers, including Siemens, FORD Mendo, Busch, FRW and ACI would attend the gathering. The event will start work on December 10." (Fars News, "55 Giant Int'l Carmakers, Part-Makers to Participate in Iranian Auto Expo," 11/2/14) (http://english.farsnews.com/newstext.aspx?nn=13930811000565)

"Peugeot is a partner of Iran Khodro, which manufactures the 405 and 206 models and whose output accounts for about 40 per cent of Iranian car production." (The Times of London, "Iranian car industry crippled by sanctions," 11/1/2012)  (http://www.theaustralian.com.au/news/world/iranian-car-industry-crippled-by-sanctions/story-fnb64oi6-1226507811900)

"Iran will become a crucial market for PSA Peugeot Citroen in the Middle East if the western-led sanctions are removed against the country’s economy... The two manufacturers [Peugeot and Iranian carmaker Iran Khodro] are working on a joint venture owned 50% by each partner to manufacture vehicles adapted to the Iranian market, including the Peugeot 301 notchback sedan." (Tehran Times, "Iran to Become a Crucial Market for PSA if Sanctions Lifted: Chairman," 6/24/15) (http://www.tehrantimes.com/index_View.asp?code=247605)

“PSA Peugeot Citroen is in talks to cooperate with Iranian carmaker Iran Khodro if sanctions against the Islamic Republic are lifted, Germany's Manager Magazin cited Peugeot brand chief Maxime Picat as saying. 'We are speaking to our Iranian partners on a weekly basis about how and when we can start our activities,' the monthly magazine on Friday quoted Picat as saying in an interview... 'We are thinking about launching a joint venture with Khodro with which we could cover the whole spectrum from procurement to manufacturing and the sale of spare parts,' Manager Magazin quoted him as saying." (Reuters, Peugeot eyes re-entry to Iran's auto market - Manager Magazin, 5/8/15) (http://www.reuters.com/article/2015/05/08/iran-nuclear-peugeot-idUSL5N0XZ2T020150508)