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.
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: As car prices keep rising as never before, the two main Iranian auto companies, Iran Khodro and SAIPA, launched what they call are ‘special sales’, selling their cars like hotcakes.
EghtesadOnline: The government will lend money to two local auto companies, Iran Khodro and SAIPA, to the tune of 40 trillion rials ($333 million). The bailout is for paying part of the carmakers’ mounting debt to local parts makers.
EghtesadOnline: Following the strange and extended delays in delivery of thousands of vehicles presold by domestic carmakers, would-be buyers and sections of the print media are openly accusing the state-affiliated companies of hoarding, market manipulation, and insider trading.
EghtesadOnline: Iran Khodro and SAIPA are planning to expand their overseas operations. SAIPA is poised to increase production in Syria and IKCO has started manufacturing its Samand model in neighboring Azerbaijan.
EghtesadOnline: Hard-pressed auto manufacturing industry already under mounting pressure for its poor quality and high prices should prepare for a new challenge in the coming weeks. The state is due to raise the bar and announce a new set of automotive standards. Form what is known, most vehicles made by the two major car companies Iran Khodro and SAIPA will not be able to comply with the new norm.