The French automaker has begun closing down its joint ventures with Iranian carmakers Iran Khodro Co.and Saipa, it said in an emailed statement Monday. PSA said it is asking the U.S. for a waiver, with the support of the French government.
Trump’s move has angered European allies and put companies like PSA under threat of sanctions as the U.S. backtracks from the hard-won nuclear deal. The Paris-based carmaker had returned to the market after the landmark nuclear agreement reached in 2015, which resulted in the lifting of some international sanctions.
French rival Renault SA, which set up a partnership with local companies last year, declined to comment. Volkswagen AG, which began selling vehicles in Iran last year, has said it would follow international rules.
PSA signed agreements with Iran Khodro and Saipa in 2016, with plans to build the new Peugeot 2008 crossover near Tehran, but the beginning of production has been delayed.
Still, the company sold almost 440,000 vehicles in the country last year -- mainly the supermini Peugeot 206 and the 405 family car, a spokesman said -- making it the carmaker’s biggest market outside of France.
