Renault puts the brakes on Iran amid US sanctions

Renault is output from Iran in the United States renewed the authorization of the President of Donald trump against the country to put pressure on European automakers.

As reported by the Renault car sales were up 9.8 PC to 2.07 million vehicles in the first half, chief operating officer Thierry Bollore said the company is likely winding down its operations in Iran, which has become a major growth market following the nuclear deal with Iran, it was agreed in 2015.

“We are looking for new business opportunities, especially in Africa, with strong growth to compensate for the missed opportunity in Iran,” said Mr. Bollore.

For the six months revenues were up 1.4 PC to €30 billion (£26.7 billion), although net profit dipped by 16.3 PC to €2 billion, partially…

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