...

Renault announces KWID price for Iran market

Business Materials 17 October 2016 17:37 (UTC +04:00)

Baku, Azerbaijan, Oct. 17

By Khalid Kazimov – Trend:

French car maker Renault plans to supply its KWID model at $9,798 (310 million rials according to official rate) to the Iranian market.

Peyman Kargar, vice president of Renault's Africa, Middle East and India region, and CEO of Renault Pars has said that the French carmaker will probably cooperate with Iran Khodro to produce its brand of KWID in the Islamic Republic, Mehr news agency reported.

He further dismissed rumors suggesting that Iran’s SAIPA car manufacturer would work with the French company to make KWID in the Islamic Republic.

Kargar had earlier announced that Renault was aiming for 20 percent of Iran's automotive market, up from 10 percent in 2012.

According to Reuters, in 2015, Renault sold 51,500 vehicles in Iran, giving it a market share of 4.8 percent.

Since last year’s historic nuclear deal signed between Iran and the world major powers, international bodies have observed a surge in interest among multinational companies in investing in the Islamic Republic’s largest non-oil sector, the automotive industry.

Iran’s automotive industry forms the second biggest sub-sector of the economy behind oil and gas, accounting for about 10 percent of GDP and employing about 4 percent of the labor force.

Iranian carmakers total output over the first half of the current Iranian calendar year (started March 20) stood at 579,776 indicating 15.6 percent rise year-on-year.

Tags:
Latest

Latest