Porsche Pulls Out Of The Iranian Car Market
Iran may be ravaged by war and terrorism at the moment, but that hasn’t stopped Iranians from literally going mad over their automobiles. The small country in the Middle East is actually home to the 13th largest automotive industry in the world and as a result it only seems logical that car manufacturers would flood there in their droves in order to capture some of the market. Unfortunately however, that trend is reversing.
In recent months, Hyundai and Toyota both officially abandoned the country cancelling all sales, and the latest brand to exit Iran is none other than Porsche. The German brand was recently rated by consumers in the U.S. as the best German manufacturer for servicing, yet the ever-expanding brand has decided it’s in its best interests to also exit the country.
Don’t for one second however start to question why Porsche ever entered the Iranian market in the first place, as Iran contributes significantly to Porsche’s overall earnings. In fact, sales in its one dealership in Tehran reached $17 million in just the past few months, so this is definitely a big decision on Porsche’s part.
Even though Iran is facing much unrest, we are a little bit confused as to why Porsche has decided to leave so dramatically losing potentially hundreds of millions of dollars from possible future sales so hopefully, Porsche will release a press release soon with further information.
Source: Fox News