Peugeot-Citroen announces €400 mln venture with Iran KhodroJune 22, 2016 - 10:48 AMT PanARMENIAN.Net - France's Peugeot-Citroen (PSA) announced its return to Iran on Tuesday, June 21, signing a 400-million-euro joint venture with its old partner Iran Khodro in Tehran, AFP reports. 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, according to AFP. "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, AFP says. 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. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. Family of Ilham Aliyev’s security chief owns vast property in UK As head of security for Azerbaijan’s president, Eyyubov is closely trusted by one of the world’s most authoritarian leaders. Armenian army holding strategic command, staff drills Live firing will be carried out using automatic control systems and modern equipment. Mirzoyan says meeting with Bayramov was “constructive” At the moment, Ararat Mirzoyan said, there is no basis for additional comments. |