Peugeot sold around 400,000 cars a year in 2012, when it abandoned Iran due to pressure from General Motors which had a 7 percent share in the company at the time, and was considered a probable merger partner. GM has sold its stake since then. By the end of the decade Iran could become an important regional center of the automotive industry by increasing car production to 3-4 million a year, the global head of automotive at investment bank Rothschild, Vikas Sehgal told the FT. However, "Western carmakers. .. will find the landscape changed by new competitors from China," said Zakia Subhan, an analyst at LMC. For example, Zhejang Geely is interested in opening a 20,000 units-per-year CKD plant in Iran. Chery Auto, Lifan Industry and Jianghuai have also made a profit from the French giants' absence in Tehran due to sanctions. The Chinese manufacturers provide competitively priced vehicles and filled the void that emerged.