Economy, Auto

Japan Auto Firms Exploring Opportunities

Japan Auto Firms Exploring OpportunitiesJapan Auto Firms Exploring Opportunities

As sanctions on the Islamic Republic have been removed by Tokyo, Japanese automotive companies have begun to explore opportunities to tap into the Iranian automotive industry.  Japanese companies, including Toyota Motor, Nissan Motor and Mazda Motor, which had long anticipated this moment, aim to quickly restart exports, Nikkei Asian Review reported. Some car companies have begun procuring parts and planning deliveries since last fall in hopes of jumping back into the market, which sees over 1 million new vehicle sales annually.  Isuzu Motors is also considering resuming the export of commercial vehicles. However, as formal as their announcements are, all companies, including part US-owned Mazda, have been either producing models in Iran or importing even during the height of sanctions.  Mazda has continued in recent months with a joint deal with a local automaker to produce an older version of the Mazda 3 sedan, Nissan has had a local dealer and Toyota and Mitsubishi never shuttered their showrooms in large cities like Tehran.