French car company, Renault, will maintain its presence in Iran while taking measures to avoid the risk of penalties for breaching renewed US sanctions.
CEO Carlos Ghosn said at the annual shareholders’ meeting in Paris, “We will not abandon it, even if we have to downsize very strongly.” He also predicted, “When the market reopens, the fact of having stayed will certainly give us an advantage.”
Renault is seeking market advantage by staying in Iran’s lucrative market over their rivals Peugeot Citroen.
Renault’s decisions enlightened their rivals and other international companies to understand the possibility of keeping their business relations with the Iranian sides.
Both sides are looking forward to expanding their business, even if they are obliged to reduce their activities.