Iran-Renault joint car to enter market in 2017

Business Materials 10 January 2017 18:37 (UTC +04:00)

Baku, Azerbaijan, Jan. 10

By Fatih Karimov – Trend:

The first joint car of the Industrial Development & Renovation Organization of Iran (IDRO) and French automaker Renault will be manufactured in 2017, Mansour Moazzami, head of the IDRO, said, Fars news agency reported.

Moazzami said the two parties would sign a joint venture contract in the near future to produce the Renault Symbol, Duster and Kwid cars in Iran.

He further said that manufacturing inexpensive cars is one of IDRO’s goals in partnership with Renault.

The two sides signed a memorandum of understanding (MoU) in September 2016 to establish a joint venture to produce 150,000 cars per year in Iran.

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.