The PSA group, whose Peugeot and Citroën brands had formed joint ventures in Iran, announced in a statement that it had “begun the process of suspending the activities of its joint ventures in order to comply with US law by 6 August 2018 “.
Last year, PSA sold 444,600 vehicles in Iran, a country where it is traditionally well established, and which constituted its first foreign market ahead of China (382,800 units), the United Kingdom (279,100), Italy (265,200) and the United States. Germany (257,800).
The second European manufacturer, however, says the importance of the Iranian market remains minimal in financial terms. PSA’s activities in Iran represent “less than 1% of its turnover,” says the group.
This announcement “does not change the general objectives” of its strategic plan Push to Pass, nor “the current financial orientations”, he said.
PSA also emphasizes that he “is in contact with the American authorities to consider a derogation”, “with the support of the French government”, in the hope of being able to continue his activity.
On May 8, US President Donald Trump announced that his country was withdrawing from the historic agreement signed in 2015 between major powers and Iran, under which Tehran had agreed to curb its nuclear program in exchange for the lifting of part of the international sanctions.
The United States has announced the return of US sanctions against Iran as well as against all companies with ties to the Islamic Republic. The Americans gave them 90 to 180 days to withdraw from Iran.
Another large French group, Total, has recently announced that it will not complete a major gas project in Iran, which began in July 2017, unless it obtains a waiver from the US authorities.