Info:
The French carmaker Renault signed a multimillion-dollar deal in Tehran, agreeing to raise vehicle production in Iran just days after President Trump signed into law new sanctions against the country;
French carmaker Renault will maintain its presence in Iran while taking measures to avoid the risk of penalties for breaching renewed US sanctions, CEO Carlos Ghosn said;
Renault Group is represented in Iran by Renault Pars, a French-Iranian joint venture. The company is held 51% by Renault, French leading automotive company, pioneer in the production of zero emission and eco friendly vehicles in the world and 49% by AIDCO, Automotive Industrial Development Company;
Iran is the third largest market for the French manufacturer after France and Brazil, with Renault’s 2017 sales in Iran accounting for almost 80 percent of all cars sold by the company in the Middle East;
Iranian state-owned carmaker Pars Khodro inaugurated the production line of Renault’s Sandero;
Pars Khodro and French carmaker Renault are set to produce 15,000 Sandero hatchbacks in Iran by the end of the year;
Production of Renault in Iran witnessed a 48-percent growth in 2017 and gaining 11 percent of the Iranian market, the company experienced its most successful year of performance in the Middle East country;
Iran became the third largest market of Renault brand in last year which placed the country in the ‘top three’ list of the brand which is a noticeable achievement.”;
Renault will be the majority shareholder of the new joint venture company, formed with Iranian partners IDRO (Industrial Development & Renovation Organization of Iran) and Parto Negin Naseh, an importer of Renault products in Iran;
Industry:
Automotive Industry
Established:
1899
Country:
France
Address:
92100 Boulogne-Billancourt, France
Phone:
+33 (0)1 76 84 04 04
Website:
www.group.renault.com
Person of interests:
Carlos Ghosn (Chairman and CEO)
Reason for the color:
» Renault will maintain its presence in Iran while taking measures to avoid the risk of penalties for breaching renewed U.S sanctions;