French manufacturer Groupe Renault and Iran’s Industrial Development & Renovation Organization agreed to create a joint venture in order to produce 150,000 cars a year.
At the first phase, the investments of the French company will total 660 million euros. The agreement with Renault is the largest in the history of the Iranian automotive industry.
Renault will have a 60% stake in the joint venture, while the IDRO will own 20%.
Renault will export 30% of components and cars produced in Iran. The car deal will create about 3,000 new jobs in Iran.