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US Sanctions Against Iran Hurting Renault, Peugeot

US Sanctions Against Iran Hurting Renault, PeugeotUS Sanctions Against Iran Hurting Renault, Peugeot

French automotive companies PSA Group and Renault have linked declines in their first-quarter revenues to their forced withdrawal from Iran under threat of US sanctions.
Data from Iran’s Ministry of Industries indicates a sharp fall in production of French-derived cars in Iran. In the past Iranian fiscal that ended in March, 328,152 French-derived cars were made, almost half compared to 604,526 units made in the previous year.
Peugeot maker PSA Group reported a 1.1% decline in its first-quarter revenue falling to €18 billion, mainly caused by dropping sales outside Europe. In a press release linking the fall to its Iran withdrawal, PSA says its global sales volumes fell 15.7% to 886,400 vehicles in the quarter “in particular due to the suspension of the group’s activities in Iran.” 

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