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Renault To Stay In Iran Despite U.S. Sanctions: CEO

Iran -- (L to R) Thierry Bollore, deputy director of Competitiveness at Renault, Mansour Moazami, Chairman of the Board of Directors of IDRO Group, and Kourosh Morshed Solouk, deputy director of the Iranian Automobile Importers Association, attend a signi
Paris, June 15, 2018 (AFP)

French carmaker Renault will maintain its presence in Iran despite the risk of penalties for breaching renewed US sanctions, CEO Carlos Ghosn said Friday.

"We will not abandon it, even if we have to downsize very strongly," he told shareholders at the annual shareholders' meeting in Paris, since this would give the company an advantage "when the market reopens".