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Daimler shelves Iran plans as US sanctions take effect

Daimler AG has ceased its activities in Iran after the U.S. reimposed sanctions on the country Aug. 7, Reuters reported.

The German automobile manufacturer formed a joint venture with Iranian car manufacturer and dealer Iran Khodro Co. in early 2016 to manufacture Mercedes-Benz trucks in the country. It also intended to establish a representative office in Tehran.

Daimler said it has not resumed its car-related and truck-related activities in the country and it will continue to monitor political developments.