Audi is considering its first-ever entry into the Iranian auto market.
The German automaker sees “growing potential” for luxury vehicles in Iran, now that world powers have lifted international sanctions.
Following years of economic isolation, the Islamic Republic is opening up as a market and German companies will be able to export goods worth $10.9 billion to Iran, according to Germany’s DIHK Chamber of Commerce and Industry. According to a recent report, representatives of Audi are currently in Iran and are in discussions with possible importers to examine the prospects for business.
Audi has never done business in Iran as the automaker hadn’t emerged as a luxury brand when the country was shut off from international markets following Iran’s Islamic Revolution in 1979.
Rival Daimler (Mercedes-Benz) announced that its truck division has signed letters of intent with joint venture partners Iran Khodro Diesel and Mammut Group while BMW has said that future entry into the market “will depend on political and economical developments.”