Volvo Halts Iran Truck Assembly

Swedish truckmaker AB Volvo has stopped assembling trucks in Iran. a spokesman for the company said on Monday it has halted the assemlies because U.S. sanctions are preventing it from being paid.
Reuters reports that the sanctions against Iran were reimposed on Aug. 6 by U.S. President Donald Trump after his decision to pull out of a nuclear deal with Tehran. They have forced companies across Europe to reconsider their investments there.
Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran in another blow to the country’s car industry.