Daimler AG's Chief Executive Dieter Zetsche said Wednesday the German auto maker will divest its 30% stake in Iranian Diesel Engine Manufacturing as part of a wider review of its business relationships with the country.
"In view of the current political situation we have… extensively reassessed this business relationship," Mr. Zetsche told shareholders at Daimler's annual general meeting.
"In Germany, we have also withdrawn our pending applications to export three-axle commercial vehicles for civilian use to Iran," he said. Mr. Zetsche said that the company's business activities in Iran will be "limited" to meeting existing contractual obligations.
"None of these measures are directed against the Iranian people," Mr. Zetsche said. "However, the policies of the current Iranian leadership have compelled us to put our business relationship with that country on a new footing," he added.