Leaving the Iranian market had its costs for Renault. As the French automaker announces its sales for the third quarter of 2019, considerable decrease can be seen in the Middle East figures.
Renault Group revenue in the third quarter of 2019 has been 1.6 percent less than a year ago. The number of vehicles sold in this period has also been down by 4.4 percent.
The company says that excluding Iran from these figures, the decrease would have been -1.8 percent.
Although Renault has experienced considerable fall in sales in China (-15.5%) in the third quarter of 2019, the biggest fall in sales has happened in Africa-Middle East-India-Pacific region. While in the third quarter of 2018, Renault had sold more than 124 thousand vehicles, this year this figure is slightly above 99 thousand, showing 20 percent decrease.
Although Renault initially said it is not going to leave Iran with return of the US sanctions, eventually the company changed its policies.
Leaving the Iranian market, where French autos were very popular among people has had its financial consequences for Renault.