Audi plans to enter Iranian market

Audi plans to enter Iranian market

Audi is considering its first-ever entry into the Iranian auto market. The German carmaker sees “growing potential for luxury cars”, now that world powers have lifted international sanctions.

According to reports by AutoNews, Audi representatives are currently in Iran for talks with possible local importers and to examine the business prospects. The German carmaker had not explored Iran as it had not yet emerged as an upmarket luxury brand when Iran was shut off from international markets following the Islamic Revolution in 1979.

German companies now may be able to export goods worth 10 billion euros ($10.9 billion) to Iran as the Islamic Republic is opening up as a market following years of economic isolation, according to Germany’s DIHK Chamber of Commerce and Industry.

Audi’s rival, Daimler has also revealed that its trucks division had signed letters of intent with joint venture partners, Iran Khodro Diesel and Mammut Group. BMW on the other hand said that any future entry on the Iranian market depends “on political and economic developments”.