Baku, Azerbaijan, Sept. 30
By Emil Ilgar – Trend:
The Industrial Development & Renovation Organization of Iran (IDRO Group) signed a memorandum of understanding (MoU) with French automaker Renault Sep.30, IRNA reported.
According to the report, the sides agreed to establish a joint venture to produce 150,000 cars per year in Iran.
It is expected that the joint venture’s Symbol and new Duster brands would be delivered to markets by 2018, the report said.
Tasnim news agency reported in May that Renault's sales in Iran have grown by 255 percent, year on year.
Renault used to sell 10,000 cars in the Iranian market every month up to 2013 when sanctions were imposed on the Islamic Republic, causing a downsize to 3,000 cars per month.