Renault signs Iran auto venture

PARIS: French carmaker Renault said September 30 it would start a joint venture in Iran, tapping into the country’s fast-growing car market as it opens up to foreign investment after the end of Western sanctions.

The venture, in which Renault will hold a majority stake, includes a new production plant that is to raise Renault’s production capacity in Iran to 350,000 vehicles per year from 200,000 now, it said in a statement.