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Sunday, 29 November 2015 11:55

Fiat in talks for car manufacturing in Iran

Fiat in talks for car manufacturing in Iran

An Iranian car manufacturer is in talks with Italian automaker Fiat SpA to produce cars in Iran which is billed as the Middle East’s biggest auto market, a minister says.

 

“Fiat has announced its readiness for cooperation with the Iranian automaker and Iran has welcomed it,” Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh said in Tehran Sunday on the sidelines of a joint trade forum.

About 370 Italian traders, including representatives of steel group Danieli, energy company Enel, agricultural machinery maker CNH Industrial, Telecom Italia and several banks, are currently visiting Iran to discuss business opportunities.

Fiat, which controls Chrysler, and its subsidiary heavy-truck maker Fiat Industrial SpA halted sales to Iran in 2012 following similar moves by other carmakers under US pressure to cut ties with Tehran.

“More than 10 years ago, negotiations were held between Iranian carmakers and Fiat but the company was not allowed to cooperate with Iran after it started partnership with the US,” Nematzadeh said.

The minister said Iran was ready to cooperate with Fiat on production of light and commercial vehicles and buses as well as gas-fueled engines. “We are planning to produce 3 million automobiles in less than 10 years, one-third of which will be exported,” the minister added. The auto industry is the second largest source of foreign currency and foreign technology for Iran after oil.
EA

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