Iran signs its biggest-ever car deal with French automaker Renault
TEHRAN, IRAN—Iran signed the country’s biggest-ever car deal on Monday to build tens of thousands of cars annually under a joint venture with French automobile manufacturer Groupe Renault, buoying its manufacturing industry in defiance of the Trump administration’s moves to isolate the country.
The €660 million — or $987 million — deal follows the lifting of the UN and European Union sanctions after Iran’s 2015 nuclear agreement with world powers to curb its controversial uranium enrichment program, a possible pathway to nuclear weapons.
It also comes just days after new U.S. sanctions on Iran were signed by U.S. President Donald Trump, who spoke with French President Emmanuel Macron over the weekend about ways to counter Iran’s influence in Mideast conflicts. The U.S. legislation, first passed by Congress, imposes penalties on people involved in Iran’s ballistic missile program and anyone who does business with them.
