Peugeot buys iconic Indian car brand for $12m

French car manufacturer Peugeot has bought the rights to India’s iconic Ambassador car brand for $12m, according to a report by BBC News.

The Ambassador was the only mass produced luxury car on the market and was its bestselling car for three decades.

From the 1960s through the mid-1980s and was considered a status symbol in its home country and was beloved by ministers.

Despite complaints about its design, handbrake and indicator controls, the car’s spacious interior and solid suspension was particularly suited to the particular needs of Indians.

The car has been out of production since 2014 and it is unclear if Puegeot plans to revive the brand.

The French company has, however, been keen to gain a share of the Indian market since the country liberalised its economy and opened the door to foreign car makers in the 1990s.