Volkswagen returns to Iranian market after 17-year absence

Jul 5, 2017 14:17 IST

Volkswagen returns to Iranian market after 17-year absenceGerman car giant Volkswagen on 4 July 2017 announced its return to the Iranian market for the first time in 17 years due to the lifting of economic sanctions.

The company said that it would resume selling cars in Iran from August 2017 after signing a deal with local importer Mammut Khodro.

The deal will initially cover Volkswagen’s Tiguan and Passat models to gain an insight into current market needs, establish the Volkswagen brand in Iran, and offer Iranians modern technologies.

European firms have been eyeing opportunities in Iran since a nuclear deal with world powers came into force in January 2016, lifting many sanctions in exchange for tight controls on the country's atomic programme.

Volkswagen first started selling cars in Iran in the 1950s. However, the company pulled out of the market in 2000 due to the levelling of international sanctions against the Islamic republic.

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About Volkswagen

Volkswagen is a German automaker.

It was founded on 28 May 1937 by the German Labour Front.

The automaker is headquartered in Wolfsburg.

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