11 Dec 2023
Sunday 24 November 2019
Story Code : 364183

Carmakersí losses exceed $830 million in six months

Financial Tribune - Iranian car companies have incurred losses to the tune of 100 trillion rials ($833.2 million) in the first half of the current fiscal year (started March 21), secretary of Iran Vehicle Makers Association says.

Ahmad Nematbakhsh also told local automotive website Asbe Bokhar: ďAccording to data published by Iranís Securities and Exchange Organization, the carmakers were burdened with 70-80 billion rials [$583,000-666,600] of losses last year [ended March 2019].Ē

According to the official, the status of car companies has further deteriorated over the past few months, recalling that the countryís largest carmakers Iran Khodro (IKCO) and SAIPA have incurred losses worth 50 trillion rials ($416.6 million) each.

He blames the government for the chaotic state of car production. He believes that if the state authorities had allowed car prices to increase, the firms would not have been saddled with such gargantuan losses.
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