EghtesadOnline: Iran’s auto parts industry is on the fast track to expand its collaborations with academia to keep its head above water as looming US sanctions coupled with the government’s monetary policies have driven the business to near bankruptcy.
EghtesadOnline: During the first three months of the current fiscal which started on March 20, 336,699 cars and commercial vehicles rolled out of Iranian carmakers’ production lines indicating a 9.4% year-on-year increase, yet in the final month of the quarter (May 22 – June 21), the country’s automotive output declined by 19.6% compared to the same period of last year.
EghtesadOnline: Key players in the Iranian auto industry are pooling all their resources to address the tumultuous state of the industry and the car market in recent months and work out strategies that could help sustain the sector in the face of upcoming economic sanctions by the US.
EghtesadOnline: Iran’s Industries Ministry has released its monthly automotive statistical report covering local manufacturers’ output during the first Iranian month, which ended on April 20.
EghtesadOnline: The automotive market is mired in a state of limbo as evidenced by a stagnant market fanned by volatile foreign currency exchange rates and instances of up to 20% hikes in car prices.
EghtesadOnline: Second largest automaker in the country SAIPA says they have an action plan in place in the event of probable headaches coming in the way of Iran’s auto industry.
EghtesadOnline: The auto industry faces scrutiny on multiple fronts as car prices spike in Iran, with the bullish market observing a 10% price increase only in recent weeks.
EghtesadOnline: Iran is yet to fully regain its status in the global banking industry following the implementation of the 2015 nuclear deal that provided sanctions relief, and in case of Sweden, it hopes that joint ventures in the auto industry would prove a turning point.
EghtesadOnline: Managing directors from French automotive companies PSA Group and Renault say Iran is seen as an appealing market by global carmakers. Renewing their companies’ commitment to major agreements with Iran carmakers, the two men emphasized that they are here to stay.
EghtesadOnline: South Korea’s Hyundai Motors is consolidating its presence in Iran through a joint production deal with local carmaker Kerman Motor.