Iran calls the shots as foreign carmakers make re-entry
New JV deals require 40% of production done in Iran, rising to 85% after five years
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Teheran
FOREIGN carmakers seeking a return to the potentially huge Iranian market with the lifting of international sanctions will find the business environment has changed: former joint venture partners now want to play the game by their own rules.
Iran's car industry has been a major casualty of penalties imposed over the Islamic republic's nuclear programme, with production plummeting and workers laid off because of the ensuing economic slowdown.
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