Iran Nuclear Deal Hits Gas Pedal For Carmakers
TEHRAN, Iran (AP) — The nuclear deal struck by Iran and world powers will put the rubber to the road for automakers in the Islamic Republic that have been stalled by sanctions.
The sanctions relief, due to start in early January, allows French carmakers PSA Peugeot Citroen and Renault to resume shipping auto parts to Iran for assembly by Iran's biggest carmakers Iran Khodro and SAIPA.
Car production in Iran this year fell by 72 percent compared to 2011 over the sanctions.
The nuclear deal in Geneva puts the brakes on the most sensitive parts of Iran's uranium enrichment program in return for relief from economic sanctions.
Officials at an international automobile conference that began Saturday in Tehran eagerly welcomed the deal.