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.
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.