Daimler Trucks plans return to Iran market, to team up with local partners

German automaker Daimler said Monday that its heavy goods vehicles unit, Daimler Trucks, planned to return to the Iranian market and has signed letters of intent with its local cooperation partners Iran Khodro Diesel (IKD) and the Mammut Group. 

"The areas of cooperation include a joint venture for local production of Mercedes-Benz trucks and powertrain components plus the establishment of a sales company for Mercedes-Benz trucks and components," Daimler said in a statement. 

Ending a political standoff dating back to 2002, the United States and the European Union lifted the sanctions at the weekend after the UN's atomic watchdog confirmed Iran had complied with its obligations under the deal to curb its nuclear programme.