Peugeot targets 150,000 vehicle sales in Iran in second half

Reporting "Asre Khodro", Peugeot, the biggest-selling European automaker in pre-sanctions Iran, suspended sales in 2012 when an international boycott due to Iran's nuclear program was extended to cars. Most sanctions were lifted in January.

The French carmaker's sales peaked at 458,000 vehicles before its withdrawal, nearly 30 percent of the Iranian market, but it now faces stiff competition from Chinese carmakers that have grabbed more business during the sanction years, as well as from western rivals such as Renault (RENA.PA), who are also flocking back with newer models.

Iran's Minister for Industry Mohammad Reza Nematzadeh will visit PSA's Velizy research center near Paris on Thursday to discuss cooperation with the carmaker, CEO Carlos Tavares told reporters at the Paris autoshow.

Source: reuters.com