Iran car output up 117% y/y in month to April 20
Iran has seen its car output more than double in the calendar month to April 20 as manufacturers continue to scale up production to respond to a growing demand in the domestic market.
The 117.8% surge in output was reported by the official IRNA news agency on Tuesday citing figures released by three main Iranian carmakers on a stock market website.
The report said the Iran Khodro Company (IKCO) had been responsible for over half of the car production in the first month this calendar year with an output of 33,189 units, up 115.3% against the similar moth last year.
It said second largest car manufacturer Saipa had reported a nearly three-fold increase in output as it produced a total of 21,394 cars over the same period. Saipa’s total production in the month to late April 2020 had reached 7,304.
Pars Khodro, Iran’s third largest carmaker which shares platforms and production lines with the two other manufacturers, produced 8,925 cars in the month to late April, up 38.6% year on year.
Iran’s ministry of industries (MIMT) has reported a 19.1% surge in car output for the calendar year to March 20.
The MIMT expects output would increase by over 21% this calendar year to 1.2 million units.
Iran has seen a major boom in its home-grown automotive industry in recent years as major international brands have almost no presence in a market affected by US sanctions.
Experts say increased output has become possible thanks to growing investment in local manufacturing of auto parts that used to be imported from abroad.
Source: Press TV