RUEIL-MALMAISON, France--(BUSINESS WIRE)--Regulatory News:
After signature of the JCPOA1 on July 14th, 2015 and the lifting of international sanctions against Iran on January 16th, 2016, Groupe PSA (Paris:UG) signed joint venture agreements with Iran Khodro on June 21th, 2016 and Saipa on October 6th, 2016. The purpose of these JVs, which are fully compliant with UN resolutions and current US, European and French regulation, is to offer Iranian customers modern Peugeot and Citroën vehicles, designed to the highest level of safety, comfort and environmental protection.
Following the US withdrawal from the JCPOA announced on May 8th, 2018, the Group has begun to suspend its JVs activities, in order to comply with US law by August 6th, 2018. With the support of the French Government, the Groupe PSA is engaging with the US authorities to consider a waiver.
Groupe PSA is monitoring the regulatory context and is in contact with the authorities of the countries concerned, in order to remain compliant with all regulations.
As Groupe PSA’s operations in Iran represent less than 1% of its turnover, this context does not alter the overall objectives of the Push to Pass plan, nor current financial guidance.
About Groupe PSA
Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all customer expectations. The Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall and provides a wide array of mobility and smart services under the Free2Move brand. Its ‘Push to Pass’ strategic plan represents a first step towards the achievement of the Group’s vision to be “a global carmaker with cutting-edge efficiency and a leading mobility provider sustaining lifetime customer relationships”. An early innovator in the field of autonomous and connected cars, Groupe PSA is also involved in financing activities through Banque PSA Finance and in automotive equipment via Faurecia. Find out more at groupe-psa.com/en.
1 Joint Comprehensive Plan of Action signed in Vienna
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