Automakers Require USD2bn To Achieve Production Target


News: Automakers in Iran require USD2bn in order to achieve the production target for the current Iranian calendar year, according to Mohammad Reza Najafimanesh, a member of the board of directors of the association of Iranian car part makers. Najafimanesh said: 'The Ministry of Industry, Mines and Trade has set a production target of 1.3 million cars by the end of the current year.' Official statistics have revealed that car production in the country decreased 20.2% in the previous Iranian calendar year. According to a Financial Times report published in March hundreds of auto parts manufacturers in the country became bankrupt or moved to other business areas following the imposition of sanctions on Iran's trade by the US and EU.

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Related sectors of this article: Autos, Production - Autos
Geography: Iran