PSA Group and SAIPA Signed for Citroën a Framework Agreement in Iran
21 Juli 2016 - 4:44PM
Business Wire
Regulatory News:
PSA Group (Paris:UG) and SAIPA, Citroën's historic partner in
Iran since 1966, have signed a framework agreement to create a
joint-venture to produce and sell Citroën vehicles in Iran.
This 50/50 joint venture lays the foundations for a strategic
partnership between the two companies. It will cover the entire
value chain, from the design stage right through to vehicle
marketing. Manufacturing will take place at the Kashan plant in
Iran, which will be 50%-owned by PSA Group.
The joint venture will invest more than €300 million in
manufacturing and R&D capacity over the next five years. The
agreement will be backed up by technology transfers and a
significant level of local content. It will take effect following
the signature of the definitive agreement, scheduled for late
2016.
The end of the ramp-up of the first Citroën vehicle will be
reached in 2018 in Kashan plant.
Present in Iran since 1966, the Citroën brand will be staging
its comeback in the country with the launch of three vehicles
specifically designed for the local market. Citroën models will be
sold throughout the country via a network dedicated exclusively to
the brand.
Commenting on the new agreement, Carlos Tavares, Chairman of the
PSA Group Managing Board, said: "This agreement opens up a new
chapter in our history of cooperation with SAIPA. Our aim is to
provide our Iranian customers with modern vehicles that meet the
highest comfort, safety and technology standards."
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 of 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
About SAIPAFounded in 1966, SAIPA is the second-largest
car manufacturer in the MENA region and one of the 20 largest
automakers worldwide. With a 40% market share in Iran, the company
exports its products to 21 countries, leveraging manufacturing
facilities across 4 continents.
Communications Division - www.groupe-psa.com/en
- +33 1 40 66 42 00 - @GroupePSA
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