July 21, 2016 / 2:50 PM / in 2 years

PSA strikes deal with SAIPA to build Citroen cars in Iran

PARIS, July 21 (Reuters) - French carmaker PSA Group said on Thursday it had signed a framework deal with Iranian counterpart SAIPA to produce and sell vehicles for its Citroen brand in the country.

Under the agreement, to be finalised by the end of 2016, Citroen and its Iranian partner will invest 300 million euros ($330 million) over five years in manufacturing, research and development, the Paris-based carmaker said in a statement.

The first of three planned new Citroen models will be launched in Iran in 2018, it said.

$1 = 0.9104 euros Reporting by Laurence Frost. Editing by Jane Merriman

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