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PSA strikes deal with Saipa to build Citroen cars in Iran



The Paris-based carmaker struck a framework deal with Iranian counterpart Saipa to invest 300 million euros ($330 million) in the development and production of three Citroen models through a new joint venture.

Under the agreement, to be finalized by the end of 2016, Citroen and its Iranian partner will introduce the first of three planned new models for the French brand in 2018.

PSA, which pulled out in 2011 under U.S. pressure, now faces stiffer competition from Chinese rivals that have grabbed more business in the intervening years – as well as western peers such as Renault flocking back with newer models.


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