Iran’s leading automotive company says it is reaching a record in annual output in the final days of the current calendar year.
The Ministry of Industry, Mine and Trade (MIMT) says the agreement will stop a capital flight of $85m per year as Tehran moves to cushion the effect of unilateral US sanctions.
Manufacturers of auto parts from Iran and Italy have proposed that through barter system they can have trade exchanges to offset the effects of unilaterla US sanctions.
The Iranian automaker says the initiative is part of its plans to reduce the effect of unilateral US sanctions that have disrupted production lines. It will also help boost production, the group says.
French carmaker PSA Peugeot Citroen says it has signed a final agreement with Iran Khodro to form a joint venture to produce vehicles in Iran.