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VW wants to reignite fortunes in Iran in wake of emissions scandal

Last updated: 13:42 04 Jul 2017 BST, First published: 08:42 04 Jul 2017 BST

VW-plant
VW has been much h in the news in recent years - for all the wrong reasons

The car giant with a chequered history Volkswagen (OTC:VLKAY) is to start delivering cars to Iran in August - after a break of 17 years.

Volkswagen (VW), which has been the subject of a huge emissions scandal in recent years,  says it has inked a deal with Iran's Mammut Khodro which will import VW brand models Tiguan and Passat.

The car giant wants to tap into new markets as it grapples with billions of euros in costs stemming from the emissions scandal while pushing a strategic shift to electric cars.

It also wants to move away from more volatile areas like China and South America.

Deliveries to China slumped 3.3% between January and May this year to 1.51 million cars. Sales in Brazil were down 1.9% to 116,600 cars.

Wolfsburg-based VW left the Iranian market in 2000.

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