Toyota Motors has apologised to the US securities market regulator after its Indian subsidiary went ahead and sold one Toyota vehicle to the Iranian embassy in New Delhi, the Indian Telegraph reported on October 24.
The Japanese automaker has a local distributor in Iran, but the Japanese Embassy in Tehran and Toyota headquarters deny any connection to the sale, amounting to an embarrassing mishap noticed by American officials. As part of the continuing sanctions directed at Iran by Washington, all companies, whether American or not, must disclose dealings with the Islamic Republic if they have a business interest in the US.
The Indian Toyota subsidiary, Toyota Kirloskar Motor Private Ltd (TKML), sold the vehicle at a cost of no more than €30,000 to an Iranian diplomat earlier last year.
Since the filing giving the notification of the apology, there has been no comment from the subsidiary.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
US sanctions Iranian crypto exchange Nobitex over terrorism financing
The United States has imposed sanctions on Iranian cryptocurrency exchange Nobitex, the country's largest digital asset platform, along with several individuals linked to it, the Treasury ... more
Iran sets conditions for response to new US nuclear proposal
Iran has received a new written proposal from the United States aimed at reviving nuclear talks but has yet to respond, with senior officials saying Tehran's concerns must first be addressed, Fars ... more
Diplomatic progress prompts cautious resumption of Hormuz transit
The tentative reopening of the Strait of Hormuz has allowed critical LNG and crude tankers to resume transit amid progressing US-Iran diplomatic negotiations. WHAT: Shipping traffic has increased ... more