Carmudi Monthly 015 - Page 19

The French carmaker Renault has become the latest casualty to fall victim to Donald Trump's new sanctions against Iran. Though Renault does not directly operate in the U.S., they currently own a majority of stakes in its alliance partner, Nissan Motors which sells vehicles in the US. Taking this forward Renault has also managed to sign an agreement last year with the Iran's Industrial Development and Renovation Organization and local dealer Parto Negin Naseh promising to life its local production by 75 percent.

During a conference called Renault’s Chief Operating Officer Thierry Bollore reported that they are will be putting all operations in Iran on hold going against with U.S. sanctions. Instead, the company will be looking at Africa. “We are looking to new business opportunities, particularly in Africa, with strong growth to offset the missed opportunities in Iran," he further added.

Chief Financial Officer Clotilde Delbos reported that Renault's sales in Iran fell 10 percent due to the Iranian central bank policy. She added that Iranian sales would be near zero in the second half.

Renault's French rival, PSA Group, which also manufactures Peugeot and Citroen cars, has suspended its operation in Iran after the U.S. cancelled a 2015 nuclear accord with the Islamic republic. Joining Renaults French rival, French energy companies Total and Engie too are aiming to pull out from Iran.

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GLOBAL NEWS

Renault Could Be the Latest Casualty of Donald Trump's Renewed Sanctions against Iran

Loss of a Legend: Sergio Marchionne Dies At 66

The renowned auto industry CEO Sergio Marchionne, who is even accredited for saving two carmakers, recently passed away at the age of 66 due to complications following a surgery. The Italian known for this passion towards espresso and cigarettes, was a lawyer, an accountant as well as a philosopher. Born in Abruzzo, he moved to Toronto as a teenager when he was 14, and later attended the University of Windsor in Ontario. Marchionne came into the limelight during 2009 as a part of the Chrysler bankruptcy when he took over two ailing automakers and created Fiat Chrysler Automobiles, creating the seventh largest vehicle manufacturer in the world. He was capable of successfully increasing Fiat's value more than 10 times over.

Joining the Automobile industry was indeed a life changing decision. He was known and adored at the scrum or roundtables. His speeches were filled with references to poets and philosophers, not to mention the occasional colorful, punctuating expletive.

The plan had been to retire in April 2019.

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