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Renault Aims to Double Sales, Market Share in Iran
Renault SA hopes to double its share of the reopened Iranian car market to 20% by about the end of the decade, Reuters reports.
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Renault SA hopes to double its share of the reopened Iranian car market to 20% by about the end of the decade, Reuters reports.
To achieve that goal, the company and its two Iranian partners, Saipa and Iran Khodro, will need to double their local production capacity, Peyman Kargar, who heads Renault operations in the Middle East, Africa and India, tells the news service.
In 2012 French company controlled 10% of Iran’s car market. But international trade sanctions overs the country’s nuclear development program shut off development. Last year Renault sold 51,500 vehicles in Iran for a 4.8% market share, according to Reuters.
Renault currently sells three models in Iran but expects to expand now that the market there has reopened. The company’s plans mirror those of rival PSA Peugeot Citroen, which is investing €400 million ($447 million) to double its local production capacity in Iran to 100,000 units over five years.
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