Iran's auto sector has started standing on its own feet after years of reliance on imported car kits which foreign companies stopped supplying when the US reimposed sanctions on the Islamic Republic in 2018, according to a report by Press TV.
Iran’s Ministry of Industry said car output in the country increased in the two months to late May as domestic manufacturers continued to dominate a local market where major international brands have almost no presence.
Iran’s industries ministry (MIMT) says car output in the country rose by 19.1% in the calendar year to March 20 despite closures and reduced activity measures imposed at plants by automotive companies to curb the spread of the coronavirus.
Iran is eyeing the Eurasian market, hoping to produce low-cost cars in countries such as Russia, Iran Khodro Company (IKCO) head of operations in Asia, Europe, America and the Commonwealth of Independent States (CIS) said.
Iran’s three major automakers, namely, Iran Khodro Company (IKCO), SAIPA Group, and Pars Khodro, manufactured 900,714 vehicles in the past Iranian year, ending on March 20, which was 4.3 percent more than the output of its previous year, data released by Codal website showed.
Iranian Industry, Mine, and Trade Minister Alireza Razm-Hosseini said that the country’s automobile production will increase by 50% in the second half of the current Iranian year (September 21, 2020-March 20, 2021) and the prices of cars will decrease.