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France's Renault to set up joint venture in Iran to boost sales

Xinhua, October 1, 2016 Adjust font size:

Renault, a major auto maker from France, on Friday announced the creation of a joint venture in Iran, aiming to strengthen the brand's position after sanctions imposed on Teheran were removed.

On the sidelines of Paris Motor Show, Carlos Ghosn, Chairman and CEO of Renault, and Mohammad Reza Nematzadeh, Iranian industry Minister, signed an agreement to set a joint venture in which French group will hold majority of stake.

The joint venture will include an engineering and purchasing center that will support the local suppliers, as well as a plant with an initial production capacity of 150,000 vehicles per year, Renault said in a statement.

The joint production site is scheduled to start producing Symbol and Duster models at the start of 2018, it added.

In 2015, Renault sales in Iran jumped by 56.1 percent compared with a year earlier, reaching a total of 51,500 vehicles. Endit