Volkswagen explores return to Iran after nuclear sanctions lift
By Bloomberg
Volkswagen AG said it has taken first steps to enter Iran after the Islamic Republic’s nuclear accord with the West pointed to an easing of economic sanctions that have prevented carmakers from doing business in the country.
“We’re monitoring the current development and are leading first talks on a political level,” the Wolfsburg, Germany-based manufacturer said in an e-mailed response to questions. “There are no decisions or resolutions yet though. Possible further steps will be determined by future developments.”
German companies are eager to return to Iran, and Economy Minister Sigmar Gabriel is planning a visit on Sunday. If Germany’s exports there return to the pre-sanction levels of a decade ago, it could mean as much as an additional 4.5 billion euros ($4.9 billion) in revenue for German companies, Deutsche Bank analysts said in a report Thursday.
German exports to Iran could surge to 10 billion euros in the mid-term from 2.4 billion euros last year, industry association BDI said on Tuesday.
For VW, Europe’s largest automaker, selling cars in Iran would help it grow outside mature markets such as Europe and North America. The company revived small-scale assembly of cars in Nigeria earlier this month and has been considering manufacturing vehicles in southeast Asia.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!