At the beginning of the 1950s the Argentinian government, led by president Juan Domingo Perón, planned to initiate a state-run company conglomerate, which was supposed to cover the country’s need for motor vehicles and aircrafts.
For these extensive and various branches of production overall ten companies were founded. Each company was specialized in a different field. The whole consortium of companies was administered by the state-operated holding organization “Industrias Aeronáuticas y Mecánicas del Estado”, better known under the acronym “IAME”.
The production of a passenger car, christened with the name Justicialista, turned out to be a flop. Only 167 copies were sold! In the light of this fiasco, the state-operated organization gave up; probably also due to the overthrow of president Perón in September 1955; and ceased the complete production of passenger cars in 1955. The production facilities as well as the remaining stock of partially preassembled vehicles, together with all remaining parts, were sold to the company Teram. Teram, which was led by the business partners Pedro Daverda and Frederico De Bucourt, purchased parts and chassis for exact 144 cars. Both were fully aware that the sales success of their car was dependent on a complete new visual appearance. Absolutely nothing should bear a resemblance with the Justicialista. They fitted a completely new designed body to the chassis and were able to land the Swabian car manufacturer Porsche as their engine supplier. Porsche supplied Teram with its Boxer engine from the Type 356.
Beginning from 1958 the converted car was available under the designation Teram-Puntero at the dealerships. But it was not before the year 1963, when the last of a total of 144 copies was sold.