Germany's Daimler abandons Iran expansion plans

German car and truck manufacturer Daimler said it has dropped plans to expand its Iran business in reaction to renewed U.S. sanctions.

"We have ceased our already restricted activities in Iran in accordance with the applicable sanctions," Reuters cited Daimler as saying.

In early 2016, Daimler established a joint venture with Iranian vehicle manufacturer and dealer Iran Khodro Co to make and distribute Mercedes-Benz trucks in the country.

Daimler had planned to open a representative office in Tehran. It the statement, Daimler states that as for now, neither its car-related nor truck-related activities in Iran had been resumed.

Daimler said it continues to monitor political developments carefully.