(Bloomberg) -- Renault plans a "much more massive" presence in Iran when it returns to the country, CEO Carlos Ghosn said.
The automaker will seek out more partners to resume business in the Islamic Republic, Ghosn said today in an interview with Bloomberg at the World Economic Forum in Davos, Switzerland.
International trade restrictions in Iran over its nuclear program were lifted in mid-January, opening up a car market that Ghosn has estimated could grow at least 50 percent.
Daimler announced Monday that it signed a letter of intent to build trucks and powertrains with Iran Khodro Co., the country's biggest carmaker.
Renault, which also had ties with Iran Khodro, will commit to investments once an international legal framework for restoring business ties is in place, Ghosn said.
"We're waiting for the light to go from orange to green," he said.
The carmaker halted business in Iran three years ago to comply with trade sanctions, resulting in a 514 million euro ($560 million) provision that hurt earnings. French rival PSA/Peugeot-Citroen said last year that it was struggling to reach an agreement for a possible return to Iran because of resentment following its departure in 2012.