Renault hits sales jackpot in Iran after sanctions lift

Business Materials 17 January 2017 17:39 (UTC +04:00)

Baku, Azerbaijan, Jan. 17

By Farhad Daneshvar – Trend:

French carmaker Renault has witnessed a huge surge in its sales in Iran’s car market, simultaneously with the implementation of the Joint
Comprehensive Plan of Action (JCPOA/nuclear deal).

Iran and the P5+1 group of countries finalized a deal on Iran’s nuclear
program (JCPOA) in July 2015.

The 2016 sales of Renault in Iran boomed by 110.7 percent to give the French carmaker a 8.4 percent market share, Renault said in a statement on Jan 17.

The group has reclaimed its position as a major player on Iranian market, doubling its market share in a single year thanks to successful performance from Tondar and Sandero brands.

According to the statement, the carmaker has sold 108,536 units in Iran over the last year.

In the meantime, the carmaker has witnessed a considerable surge in its sales in Europe and overseas markets such as India.

According to the statement, Renault’s sales rose by 13.3 percent as it sold 3.18 million vehicles in 2016.

PSA Group, Renault’s French rival in Iranian car market, also announced on Jan.11 that its global sales in 2016 increased by 5.8 percent, to 3.146 million units including 233,000 vehicles produced in the Islamic Republic under the French carmaker’s license.

The output of Iranian carmakers over the first eight month of the current fiscal year (starting March 20) surpassed 820,000 vehicles indicating a 35.9 percent growth year-on-year.