The US administration’s decision to embargo on Iran is about to hit Renault, which has been producing in this country for 15 years. Renault began to make its way out of Iran and head towards Africa. Renault’s market share in Iran is 8 percent.
The US administration’s decision to embargo on Iran continues to negatively affect world-class companies. Due to US President Donald Trump’s decision, Renault will have to change Iranian plans this time.
According to Bloomberg, Renault’s partner in Nissan’s presence in the US forces the French giants out of Iran, although there is no market in America.
Thierry Bollore, COO of Renault, said during a conference with analysts that they are looking at new business opportunities, particularly in Africa, saying they want to make up for the business opportunities that were missed in Iran.
Renault signed an agreement with Iran’s Industrial Development and Renovation Organization and local partner Parto Negin Naseh to increase local production by 75 percent.
Although the company has not yet upgraded capacity under this agreement, it has been producing with two other partners since 2003.
Renault’s market share in Iran is 8 percent.