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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

Editors' Picks June 2021 | Hyundai Tucson, Kia Sorento, McLaren 720S and more

A mix of crossovers and family cars were awarded Editors' Picks status this month. Plus, we got into a Porsche and a McLaren that share in the accolades. We finally spent some quality time in the Kia Carnival, too, which was the only minivan missing from our minivan-heavy month of Editors' Picks back in March. There were some near misses, with none closer than the updated Nissan Pathfinder. In case you missed our previous couple Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in May that earned the honor of being an EditorsÂ’ Pick. 2022 Hyundai Tucson 2022 Hyundai Tucson View 45 Photos Quick take: The new Tucson is a design marvel for the compact crossover segment, and its wide range of powertrains combined with big utility means it has the usefulness to be a great family car. Score: 8 What it competes with: Honda CR-V, Toyota RAV4, Nissan Rogue, Mazda CX-5, Kia Sportage, Subaru Forester, VW Tiguan, Mitsubishi Outlander, Ford Escape, Chevrolet Equinox, GMC Terrain Pros: Unique and attractive styling, wide range of powertrains, packed with tech Cons: Thrashing base engine, lack of volume knob From the editors: Associate Editor Byron Hurd — "I was really impressed by my brief time behind the wheel of the new Tucson. It's comfortable, quiet and (in hybrid form) surprisingly peppy and responsive. Hyundai really nailed the interior too. I smell a winner." In-depth analysis: 2022 Hyundai Tucson First Drive Review | A bold leap forward   2022 Kia Carnival 2022 Kia Carnival SX Prestige View 49 Photos Quick take: This minivan wins big in the style and interior tech department. It's super smooth and comfortable to drive, but the lack of powertrain options is disappointing. No matter, the numerous positives win out.

Hyundai-Kia fuel-economy errors trigger $300M in federal penalties [w/video]

This amount includes $100-million in civil penalties, the largest such fines in EPA history.
Hyundai and Kia are getting more than a slap on the wrist for overstating the fuel economy of an estimated 1.2-million vehicles in their 2011-2013 model ranges. The Environmental Protection Agency, the Department of Justice and the California Air Resources Board are hitting the automakers with collective penalties valued at around $300 million for Clean Air Act violations. This amount includes $100-million in civil penalties, the largest such fines in EPA history. Specifically, Hyundai is paying a $56.8 million penalty and relinquishing 2.7-million greenhouse gas emissions credits. Kia is paying $43.2 million in penalties and giving up 2.05-million credits.