Iran plans to produce 1.6 million vehicles in year ending in March

According to the country's industries minister, Iranian automakers are on track to produce 1.6 million automobiles in the calendar year ending March 31, 2024.

Iran (IMNA) - According to Iranian Industry, Mining, and Trade Minister Reza Fatemi-Amin, the country is racing against time to address a vehicle deficit in the domestic market, which he claims has been more than 500,000 units each year for the previous four years. 

"There has been a need for 1.5 million automobiles (per year) in the Iranian market, but the supply has been less than one million units," Fatemi Amin said, noting that the scarcity has spurred stockpiling and speculative trade in the market, leading prices to climb. 

Nonetheless, the minister stated that record automobile output in the calendar year to late March 2023 has helped to reduce tensions in the Iranian market. 

Iran sets target for 1.6 mln vehicle output in year to March

He stated that vehicle output in Iran surged by 45% in calendar year 1401, propelling the country up three places to 16 in the worldwide ranking of automobile producing countries. 

The total number of domestically produced vehicles sold in the year up to March 20 in Iran reached over 1.347 units, according to a senior official in the industries ministry (MIMT), including 1.242 million new vehicles and roughly 105,000 unfinished vehicles that were finished and delivered to customers. 

The head of MIMT's automotive industries division, Abdollah Tavakoli, said that the number of cars produced in 2017 was actually higher than the record registered in 2014, when Iranian automakers mostly depended on the manufacturing of foreign brands for the large part of their output. 

News ID 651936


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