EghtesadOnline: The pattern of procrastination by automakers and the influence of their strong lobbies notwithstanding, the Department of Environment insists on its stance that car companies must start making advanced engines compliant with Euro 5 emissions standards, the DoE head said.
EghtesadOnline: Despite the Iranian government’s promise to halt the production of substandard cars in a few months, recent moves indicate local carmakers are moving in the opposite direction.
EghtesadOnline: Iranian car companies have incurred losses to the tune of 100 trillion rials ($833.2 million) in the first half of the current fiscal year (started March 21), secretary of Iran Vehicle Makers Association says.
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: As traditional foreign partners of Iranian car companies suspend their operations or leave, the local automotive firms are looking north and seeking partnerships with Russian counterparts.
EghtesadOnline: By October 2018, the accumulated debts of Iranian carmakers, Iran Khodro (IKCO) and SAIPA, had reached 1 quadrillion rials ($8.8 billion), the industries minister said in a recent interview.
EghtesadOnline: Iranian parliamentarians have harshly criticized foreign automotive companies over their “lack of commitment” and for terminating their operations in Iran in the face of US sanctions.
EghtesadOnline: As accusations against Iranian carmakers pile over the alleged hoarding of vehicles, the Industries Ministry has cautioned major auto firms to avoid shady practices and fall in line.
EghtesadOnline: Major Iranian car companies are grappling with two main problems: lack of auto parts that have caused a sharp decline in production and a failure to clear the piling backlog of car orders they have presold months ago.
EghtesadOnline: An aid package worth $844 million is needed for saving Iran’s two chronically struggling carmakers.