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Tuesday, 8 August 2017

Renault Sets Up New Iran Partnership Amid U.S. Trade Tensions - Bloomberg

Renault Sets Up New Iran Partnership Amid U.S. Trade Tensions - Bloomberg:

"Renault SA plans to increase its car manufacturing in Iran by 75 percent, defying efforts by U.S. President Donald Trump’s administration to isolate the country with additional sanctions. The French automaker is setting up a joint venture with Iran’s Industrial Development & Renovation Organization and local dealer Parto Negin Naseh Co. to build 150,000 vehicles a year, Renault said Monday in a statement. The company reached an initial deal with IDRO in September, when it said the partnership will begin producing cars next year. Investment in the project’s first phase will total 660 million euros ($779 million), Iran’s official IRNA news agency reported, without specifying how much each partner will spend. Renault declined to comment on any amount. The French company will hold 60 percent of the business and local partners the rest, IRNA cited Mansour Moazami, head of IDRO, as saying."



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