Aug 7, 2017

Renault agrees to step up car production in Iran

French car firm Renault has agreed to step up production in Iran, at a refurbished factory which eventually will produce 300,000 cars each year. The deal is a joint venture with the Iranian government and a private firm called Parto Negin Naseh, although Renault will have a 60% stake. "We are happy to sign one of Renault's most historical contracts here," said Thierry Bollore of Renault. Production, initially of its Duster and Symbol vehicles, will then be ramped up to 300,000 cars per year by 2022. Renault already makes about 200,000 cars per year in Iran, where it has been producing vehicles since 2004, side-stepping international trade and financial sanctions against the country.

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