Mexican Media Brands
Daimler Drops Out of Iranian Car Market
Daimler AG has abandoned plans to expand operations in Iran and ceased its “already restricted activities” in the country because of new U.S. trade sanctions.
#economics
Share
Daimler AG has abandoned plans to expand operations in Iran, confirming to Reuters that it also has ceased its “already restricted activities” in the country because of new U.S. trade sanctions.
Daimler set up a joint venture in 2016 with local dealer/assembler Iran Khodro’s diesel affiliate to make and sell Mercedes-Benz trucks in Iran. But the company has suspended that partnership and also canceled plans to open a company office in Teheran.
Mercedes has sold car and trucks in Iran for 65 years, except during the previous round of U.S. sanctions in 2010-2016. The new sanctions take effect today. They are a result of President Donald Trump’s decision to pull the U.S. out of the nuclear treaty with the country that ended the previous restrictions.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.