PSA Group Enters New Phase in Iran with Its Iran Khodro Partnership
21 Juni 2016 - 2:17PM
Business Wire
Regulatory News:
On Tuesday 21 June 2016, the PSA Group (Paris:UG) 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.
About PSA GroupWith its three world-renowned brands,
Peugeot, Citroën and DS, the PSA Group sold 3 million vehicles
worldwide in 2015. Second largest carmaker in Europe, the PSA Group
recorded sales and revenue of €54 billion in 2015. The Group
confirms its position as European leader in terms of CO2 emissions,
with an average of 104.4 grams of CO2/km in 2015. With a fleet
of 1.8 million connected vehicles on the road worldwide, the
Group is on the cutting edge of innovation in this field, and is
expanding its services as a mobility provider. It is also involved
in financing activities (Banque PSA Finance) and automotive
equipment (Faurecia).For more information, please visit
groupe-psa.com/en
Communications Division - www.groupe-psa.com/en
- +33 1 40 66 42 00 - @GroupePSA
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