Press release
157KB
june 22, 2016 - PSA
PSA Group enters new phase in Iran with its Iran Khodro partnership
On Tuesday 21 June 2016, the PSA Group and #iran Khodro signed the final joint venture agreement to produce latest-generation vehicles in #iran.
The agreement not only marks the beginning of a new chapter in the two partners' history but will also open up new possibilities for customers in #iran, who will be offered vehicles built to the highest comfort, safety and environmental standards in this long-standing #peugeot market.
Commenting on the agreement, Jean-Christophe Quémard, Executive Vice-President, Middle East & Africa, said: "Today marks a crucial milestone in our project with #iran Khodro. The two partners conducted discussions as announced during President Hassan Rouhani's visit to Paris in January 2016. I am proud to be bringing the best in PSA Group technology to our Iranian customers."
This 50/50 joint venture is expected to invest up to €400 million over the next five years in manufacturing and R&D capacity. This investment will contribute to the development of a competitive manufacturing base for producing, launching and marketing #peugeot #208, #2008 and #301 models, fitted with latest-generation engines.
The agreement provides for:
• The creation of a joint venture on an industrial site in Tehran to produce new latest generation #peugeot vehicles, on a platform that will also be used by #iran Khodro to develop its own vehicles.
• The capacity to export joint-venture products across the region.
• The restoration of contractual relations for the production of Peugeot-branded vehicles currently sold in #iran.
The first vehicles will roll off the production line at the Tehran plant in the second half of 2017.
The Iranian market reached a peak of 1.6 million vehicles in 2011. It should quickly regain this level and reach 2 million vehicles a year by 2022. Current estimates put the number of #peugeot cars on the road in #iran at more than 4 million.
Iran is a key component of PSA's development strategy in the Middle East & Africa region, which is the PSA Group's third-fastest growing international market.
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