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Renault's Iran venture aims to double capacity, market share
March 9, 2016 / 1:55 PM / 2 years ago

Renault's Iran venture aims to double capacity, market share

LONDON, March 9 (Reuters) - French car maker Renault aims to double capacity and market share of its Iranian joint venture, as the economy opens up, a senior executive said on Wednesday.

The company is aiming for 20 percent of Iran’s automotive market, up from 10 percent in 2012, said Peyman Kargar, vice president of Renault’s Africa, Middle East and India region, and CEO of Renault Pars.

In order to reach the company’s mid-term plan, capacity will need to be doubled, Kargar said, on the sidelines of a conference in London hosted by the Financial Times.

In 2015, Renault sold 51,500 vehicles in Iran, giving it a market share of 4.8 percent. It currently sells three models and will explore others with its two partners, Saipa and Iran Khodro, a spokeswoman said.

Reporting by Martinne Geller in London; Editing by Karin Strohecker

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