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Renautl has issued the following press release:
In early 2004, Renault and IDRO will create a joint venture company, held 51% by Renault and 49% by the Iranian company AID co. The project involves the production and marketing by Iran Khodro and SAIPA of the X90 vehicle in Iran as of 2006, with an initial installed capacity of 100,000 units at each of the two manufacturers.
Louis Schweitzer, Chairman and CEO of the Renault group, and Rezah Veyseh, Chairman and CEO of IDRO (Industrial Development & Renovation Organization ’ a public organization responsible for the automotive industry in Iran) signed a master agreement on October 27, 2003 in Boulogne, France for the creation of a joint venture company during the first quarter of 2004, held 51% by Renault and 49% by AID co, a common entity composed of IDRO and the two leading Iranian automakers Iran Khodro and SAIPA. — Peugeot's agreements with Iran Khodro.
X90, a vehicle well-suited to a growing Iranian market With 67 million inhabitants, Iran’s automobile market has experienced strong growth for the past three years. An estimated 700,000 passenger cars and light commercial vehicles are expected to be sold in 2003. The country already has an automobile industry and a strong network of equipment manufacturers, which bodes well for the success of the project. — VW Group's production strategy in China.
The X90 seems to be particularly well suited to the Iranian market. It was designed for countries in which there is a strong demand for economical cars built to top international standards. Modern, attractive, and very roomy, with the dimensions of a family saloon, the X90 will come with a high level of equipment at a very competitive price. — PSA's Slovak plant development.
This programme is in keeping with Renault’s international development strategy, which foresees an annual production of over 500,000 units of this model throughout the world by 2010.
