Carmakers are racing for Iran following the country's breakthrough nuclear deal with Western powers - pitting past market leader PSA/Peugeot-Citroen against challengers including Volkswagen Group and Renault.Tehran has agreed to curb its nuclear program in return for an end to sanctions, although the deal still faces hurdles including a skeptical U.S. Congress amid frantic Israeli lobbying for its rejection.
But auto manufacturers, which stand to be among the early beneficiaries, have been positioning themselves with varying degrees of discretion since late 2013, when the latest talks were launched and a limited number of sanctions suspended.
Within hours of the announcement of a final deal, PSA had outlined plans for new Iranian production to reclaim and defend the leading market position it held before sanctions were tightened four years ago.
Volkswagen said on Thursday that it is monitoring the situation and “further steps will be determined by future developments.”
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