Renault’s Iran sales decline ahead of US sanctions re-impose

Business Materials 17 July 2018 14:54 (UTC +04:00)

Baku, Azerbaijan, July 17


French carmaker Renault’s sales in Iran market continued to decrease in June for second straight month ahead of the re-imposition of the US sanctions, according to the carmaker’s statistics.

The first part of the US sanctions targeting Iran's automotive sector, trade in gold, and other key metals will be re-imposed on August 6.

The remaining sanctions, which include targeting Iran's energy sector and petroleum-related transactions, and transactions with the Central Bank of Iran will snap back on November 4.

The company sales in the Islamic Republic’s car market stood at 5,581 in June, Renault said in its latest monthly statistics.

The company’s sales in Iran’s market registered a fall by 53.7 percent year-on-year.

The company’s share from Iran’s market decreased to 5.1 percent in June compared to 10.7 percent in the same month of 2017.

Renault sales in Iran market in January-June 2018 reached 61,354, which was 10.3 percent less compared to the first half of 2017. The sale was equal to 8.1 percent share of country’s car market.

The company’s worldwide sales in January-June 2018 stood at 2.07 million units, up by 9.8 percent year-on-year.

The French carmaker sales in Iran’s market witnessed a rise by 49.33 percent in 2017 and amounted to 162,079 units.

The 2016 sales of Renault in Iran boomed by 110.7 percent to give the French carmaker an 8.4 percent market share. According to the company statistics, the carmaker sold 108,536 units in Iran in 2016.

The Iranian car industry’s total sales volume in first half of 2018 was 757,610 according to Renault data, which is 15.3 percent more, year-on-year.

The sale volume in June decreased by 2.5 percent year-on-year and reached 110,000 units in Iran’s car market.