Peugeot-Citroen was the worst affected French company when the U-S and its allies imposed sanctions against Iran in 2012. Until then, the car-maker had been sending spare parts to its former partner Iran-Khodro. When it stopped doing so, it entered a period of deep crisis which led to thousands... Show More >>Peugeot-Citroen was the worst affected French company when the U-S and its allies imposed sanctions against Iran in 2012. Until then, the car-maker had been sending spare parts to its former partner Iran-Khodro. When it stopped doing so, it entered a period of deep crisis which led to thousands of job cuts in the company. In a country facing record high unemployment, this was a shock.
With the new deal between Iran and five permanent members of the U-N Security Council plus Germany, the sanctions on Tehran are eased, bringing a mix of respite and caution to labor unions.
Peugeot Citroen\'s share prices rose just a day after the ease on sanctions was announced.
Before the sanctions, the company was the biggest player on Iranian roads.
Peugeot has recently announced it is hiring a new chairman in 2014.
But labor unions are skeptical if Carlos Tavares can really turn around the car-maker\'s fortunes.
In the coming days, Tehran will host the first international car makers\' conference on Iranian auto-industry. And that is where French car brands will find out, if they will dominate Iranian roads as they once did.
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