French car maker returns to Iran after four-year absence as sanctions lifted

PARIS— PSA Peugeot Citroën on Thursday signed a deal with Iranian manufacturer Iran Khodro to start a joint venture that will produce cars in the Middle Eastern nation, marking a return to the country for the French car maker after a four-year absence.

The deal, long anticipated since Iran and the West signed a historic nuclear deal last year, comes just one week after economic sanctions were lifted against the Middle Eastern country. The contract, along with several other major business deals between Iran and France, was signed at a special ceremony with Iranian President  Hassan Rouhani in Paris.

“We are coming in hopes of a very long-term relationship,” said Carlos Tavares, chief executive at Peugeot. “We will be present in this country in a very profound manner.”

By The Wall Street Journal