EghtesadOnline: The Central Bank of Iran has allocated 150 trillion rials ($612.24 million) in aid packages and loans to the auto sector to help bolster productivity and localization efforts, the CBI chief said.
EghtesadOnline: There are plans to finance the loss-making auto industry to the tune of 150 trillion rials ($650 million), the governor of the Central Bank of Iran said.
EghtesadOnline: Iran’s auto industry was in a hopeless and failing platform even before Donald Trump imposed tough new economic sanctions in 2018 after getting out of Iran’s historic nuclear agreement.
EghtesadOnline: Despite the deep compulsions to work for verifiable efficiency in key economic sectors at a time when the economy is saddled with mounting pressure due to US hostility and sanctions, startling performance of the auto industry has again come under the spotlight.
EghtesadOnline: Major Iranian automotive companies and 32 parts makers from the private sector signed a $60 million deal on Saturday to curb the auto industry’s reliance on foreign suppliers.
EghtesadOnline: If the Iranian government does not offer the local auto industries an aid package to the tune of 70 trillion rials ($466 million) soon, over 700,000 workers employed in the key sector will join the dole queue, the secretary of Iran Auto Parts Manufacturers Association claimed.
EghtesadOnline: With the car market getting out of its Norouz Holiday hiatus, vehicle prices have once again started their rally. Irked by the latest price hikes, the Majlis has gone ballistic against the dented auto industry.
EghtesadOnline: To help again rescue the dysfunctional local auto industry, the Central Bank of Iran agreed last month to lend €844 million to the two main companies, Iran Khodro and SAIPA.
EghtesadOnline: Domestic auto production has plunged markedly with companies producing 721,363 cars and commercial vehicles during the eight months to November -- a 24.9% year-on-year decline.
EghtesadOnline: A plan worked out by the administration of President Hassan Rouhani to mitigate the impact of US sanctions on Iran's economy is to provide the country's beleaguered auto sector with tax exemptions, reduced bureaucracy, and in the event of layoffs, the immediate payment of unemployment benefits.