€150mn compensation received from Peugeot

TEHRAN, Jul. 15 (MNA) – CEO of IKCO Hashem Yeke Zare announced on Monday that the Iranian giant car-manufacturer has received €150 miilion compensation from the French Peugeot in the past five years.

He made the announcement in the inauguration ceremony of Peugeot ‘301’ production line at the place of IKCO.

As he added, IKCO has indigenized production of an auto part and will unveil it in early autumn. As Yeke Zare described, IKCO is the first Iranian car company who has been able to manufacture this auto part.

He, elsewhere, said that in Peugeot ‘301’ production, IKCO is employing the technology that PSA Peugeot Citroen has brought to Iran although the French automaker has left the country in light of the US sanctions.

The IKCO chief said his company tries to continue producing the cars that were to be manufactured jointly under the contract with Peugeot even if the French side does not agree to keep the agreement.

According to the scheduled program, Peugeot 301 passenger car will hit the domestic car market by the yearend.

Some 2,123 parts are required for manufacturing this passenger car, 565 of which have been indigenized by Iranian manufacturers, Vice President for Science and Technology added.

In June 2016, Iran Khodro and the French carmaker Peugeot-Citroen (PSA) agreed to launch a joint auto company in Tehran under a joint venture worth 400 million euros.

But in 2018, the French company reneged on the agreement and decided to obey the US sanctions against Tehran by leaving Iran.

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News Code 147661

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