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EghtesadOnline: Iran Khodro’s (IKCO) Board of Directors appointed Deputy Industries Minister Farshad Moqimi, 43, as the automaker’s new CEO.

Former IKCO chief, Hashem Yekezare, was sacked last Monday for “increasing car prices” without securing the required permits, IRNA reports.

Yekkezare, 63, was at the helm of IKCO since August 2013.

Iranian car companies have been facing harsh headwinds over the past year. Following the imposition of harsh US sanctions against Tehran, their output has nosedived, according to Financial Tribune.

The Iranian government has tried to control sharp car price hikes to curb pressure on consumers, but to no avail. So far, the prices of many cars have tripled in the country.

 

further Ceo IKCO Iran Iran Khodro Farshad Moqimi Chief