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EghtesadOnline: The first joint venture car between Industrial Development & Renovation Organization of Iran (IDRO) and French automaker Renault will be manufactured in 2017, said Mansour Moazzami, head of the IDRO.

Moazzami said the two sides would sign the joint venture contract in the near future to produce the Renault Symbol, Duster and Kwid cars in Iran, Trend and Fars news agencies reported on January 10. Manufacturing inexpensive cars is one of IDRO’s goals in partnership with Renault, he added. The two sides had signed a memorandum of understanding (MoU) in September 2016 to establish a joint venture partnership to produce 150,000 cars per year in Iran, according to Financial Tribune. It was previously reported that Saveh town in the south of Tehran, would be the production center for the joint project. Renault used to sell 10,000 cars in the Iranian market every month till 2013 before sanctions were imposed on the Islamic Republic, causing a downsize to 3,000 cars per month.

Renault Iran Auto IDRO Iran auto market Mansour Moazzami