A joint venture of Iran and French carmaker Renault will produce a total of 300,000 cars in a five-year term and the first products will enter the market 2018, a top official said.
"We pursue promotion of domestically made products through joint venture with international brands," Mansour Moazami, head of Iran's Industrial Development and Revolution Organization (IDRO) was quoted as saying by Irna.
"Up to 66 million euro ($78 million) will be invested at the first phase of the project," he added.
Based on the contract, Renault will sponsor the project in all phases, including investment, technology transfer, engineering and export, executive vice president and chief competitive officer in Renault Group Thierry Bolloré said.
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