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Nuclear deal could make Iran next big car market

Iran is a huge and hugely appealing target for Western firms - it's population is nearly the size of Germany's, it is well educated and includes a substantial middle class, and there is a built-in industrial capability. Because of the sanctions that have been in place for nearly five years now over its nuclear program, however, its citizens and domestic industry haven't been able to purchase and expand, so investment opportunities are not only manifold, they are severely undervalued. Most of the auto industry has been sitting on the sidelines waiting for the Iranian game to start. A report in Automotive News says that Iran's two automakers, Iran Khodro and SAIPA - Societe Anonyme Iranienne de Production Automobile - produced one million light vehicles last year for 77.5 million people. According to Wikipedia there were 200 vehicles per 1,000 citizens in 2012, and that was before the industry took a nosedive. That number puts it between Uruguay and Jamaica. Chery, Kia, Peugeot, and Renault were the carmakers with major operations in-country before all but Chery pulled out. In the vacuum, Chery and other Chinese automakers have thrown lots of product at the market, getting 27 models in a range of segments built or supplied there, with results that are probably best described as ambivalent among observers but financially lucrative for the Chinese. Peugeot has re-established ties, and Kia, Mercedes-Benz, Peugeot, Renault, Toyota, and Volkswagen were attendees at the Iran Auto Show last November. The domestic companies say that this time they want local investment that includes technology transfer, so the Western carmakers that do decide to get in will find tougher negotiators than before. Peugeot, for instance, had a 51-49 partnership with Iran Khodro before pulling out; the new agreement is a 50-50 venture. As a 'gift' to the world for a final deal that encourages global investment, Bloomberg says that the price of crude would go down by $15 per barrel. News Source: Automotive News - sub. req.Image Credit: Atta Kenare/AFP/Getty Images Earnings/Financials Government/Legal Kia Peugeot Renault iran sanctions khodro

How automakers stand to benefit from Iran

The big global news of late is a deal that sees a number of major powers easing some sanctions on Iran in return for the Middle Eastern nation scaling back its nuclear program. This thawing of relations between Iran and the West could have far-reaching impacts in both the near and long term, particularly on the auto industry.
As Bloomberg points out, foreign manufacturers, especially Kia and Peugeot, stand to win big by this short-term easing of sanctions. But the impact of opening up the Iranian market to larger-scale sales cannot be underestimated - Peugeot, for example, sold 457,900 units to Iran in 2011 as spare parts kits alone. Opening the Iranian market could also have a huge impact on the cost of oil, as the country was one of the largest producers in the OPEC consortium before firmer sanctions took effect in 2012. Still, as David Cohen, US undersecretary for terrorism and financial intelligence said, it's "not open season now for business in Iran."
Bloomberg has an excellent report of all the near-term effects an easing of sanctions has across a number of industries. Hop over and give it a look.

Kia recalls 260k Souls for possible steering failure

Kia will recall 256,459 examples of the 2014-2016 Soul and Soul EV for a steering failure problem. The affected models have production dates between Jan. 18, 2014, and Sept. 30, 2015. According to a chronology (as a PDF) posted by the National Highway Traffic Safety Administration, there are five warranty claims from this issue as of Oct. 29 but no reports of accidents or injuries. On these hatchbacks, the adhesive that secures the steering pinion gear and the steering gear assembly can potentially separate, and if this happens drivers lose control. Dealers will inspect the affected vehicles and replace the pinion plug if necessary. They'll also install a set bolt to further reinforce things. The campaign will begin Dec. 22. RECALL Subject : Steering Gear may Separate Report Receipt Date: NOV 06, 2015 NHTSA Campaign Number: 15V736000 Component(s): STEERING Potential Number of Units Affected: 256,459 All Products Associated with this Recall Vehicle Make Model Model Year(s) KIA SOUL 2014-2016 Details Manufacturer: Kia Motors America SUMMARY: Kia Motors America (Kia) is recalling certain model year 2014-2016 Kia Soul and Soul EV vehicles manufactured January 18, 2014, to September 30, 2015. In the affected vehicles, the adhesive used to secure the steering pinion gear to the steering gear assembly may have insufficient strength, and as a result, the pinion gear may separate from the steering gear assembly. CONSEQUENCE: If the pinion gear separates, there would be a loss of steering which could increase the risk of a crash. REMEDY: Kia will notify owners, and dealers will inspect and, if necessary, replace the pinion plug that secures the pinion gear. Dealers will also install a set bolt for additional reinforcement. These repairs will be performed free of charge. The recall is expected to begin December 22, 2015. Owners may contact Kia customer service at 1-800-333-4542. Kia's number for this recall is SC125. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Related Video: