Renault’s investment in Iran to hit €800m
TEHRAN – French automaker Renault is going to expand activities in Iran, boosting its total investments in the country to €800 million, IRNA reported quoting the company’s director for MENA region.
Speaking at the 5th edition of Iran’s Automotive Industry International Conference in Tehran on Tuesday, Pascal Felten noted that with the new round of cooperation between Iran and Renault beginning, the company will create 10 times more job opportunities in the country.
The director asserted that the jointly-made products will have less pollution and more quality and safety and will be presented with more competitive prices.
Earlier in August 2017, Renault inked a €660-million deal in Tehran to form a joint venture company for establishing a plant with an initial production capacity of 150,000 vehicles a year.
Through manufacturing of over 160,000 vehicles in Iran, Renault hit a record high in 2017, according to a report by the Communications Department of Renault Pars (a joint venture established in 2004 between France’s Renault and Iranian car makers Iran Khodro and Saipa).
The report said that production of Renault in Iran witnessed a 48-percent growth in 2017 and gaining 11 percent of the Iranian market, the company experienced its most successful year of performance in the Middle East country.
Centering on competitive supply chain issues (raw materials, parts manufacturing and logistics), the 5th edition of Iran’s Automotive Industry International Conference (IAIIC 2018) is being held on February 13 and 14 at Milad Tower Conference Hall in Tehran.