At the beginning of the moth, Japan approved a set of sanctions against Iran proposed by the U.N. Security council, as Reuters reports. This also means that companies who have a business contact with the country are now re-evaluating their actions.
One of these companies is Toyota, which announced that it is suspending the shipping of vehicles to Iran as a result of the aforementioned measures.
“It is true Toyota has stopped exports of vehicles bound for Iran. We plan to continue to closely monitor this sensitive international situation,” Keisuke Kirimoto, a Toyota spokesman was quoted as saying by CNN.
One of the reasons behind Toyota’s decision might be the fact that the company’s business in the country has never reached an important level. The automotive producer exported 4,000 vehicles to Iran in 2008, with the volume dropping to 250 last year. The company’s forecasts showed that a similar volume was expected for the current year. This means that the move won’t have any impact on the automotive producer’s financial results.
In addition to that, Toyota’s business in Iran was limited to vehicle retail and service, with no production sites located in the country, this being one more argument for Toyota to join the list of companies that currently exclude Iran from the list of active markets.
Google News