The Latest: Automaker Suspends Iran Business Plans

Daimler AG once had hopes of a large-scale return to Iran, signing a letter of intent in 2016 with a local truck maker and making plans for a representative office and local production. But those plans faltered as the Iranian car and truck market weakened.

Mnet 195075 Iran Street Dollar Ap Vahid Salemi

WASHINGTON (AP) — Automaker Daimler AG says it is putting its activities in Iran on ice with the return of U.S. sanctions.

The Stuttgart-based auto and truck maker said in a statement Tuesday that "we are suspending our activities in Iran, which were anyway very limited, until further notice according to applicable sanctions."

Daimler's truck business once had hopes of a large-scale return to Iran, signing a letter of intent in 2016 with a local truck maker and making plans for a representative office and local production. But those plans faltered as the Iranian car and truck market weakened.

The representative office now "will not be continued."

President Donald Trump re-imposed many economic sanctions after pulling out of a deal to limit Iran's nuclear program.

(Image credit: AP Photo/Vahid Salemi)

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