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Iran Khodro says Peugeot parts no longer needed, Tehran Times

Bloomberg

By Ladane Nasseri

Iran Khodro Co., the country’s largest carmaker, can manufacture all automobile parts that PSA Peugeot Citroen (UG) used to supply, Tehran Times reported, citing Chief Executive Officer Javad Najmeddin.

Iran Khodro can construct parts for its Peugeot 206 and Runna passenger cars without backing from the French company, Najmeddin said.

PSA Peugeot Citroen suspended sales of car assembly kits to Iran in February, local reports said on July 31.

Energy, trade and financial sanctions imposed by the European Union, U.S. and United Nations over Iran’s nuclear program have limited international companies’ involvements with the Persian Gulf nation. Iran rejects western accusations that its nuclear activities may be aimed at developing atomic weapons and maintains the program is needed for power generation.