PARIS -- French carmaker Renault said on Sunday it had signed a letter of intent for a joint venture in Iran.
"Renault and IDRO envisage to manufacture together a common platform and vehicle in Iran," Renault said in a statement on the deal with IDRO, the Industrial Development and Renovation Organization of Iran.
The company said the planned venture was in manufacturing of a the platform and the selling of the X90 car that is currently being developed by Renault.
"Iran benefits from an important automobile industry and supplier network. The Iranian market, which has steadily increased other the last three years, reached 450,000 cars in fiscal year 2002/2003," the company added.