Iran’s derailed auto market getting back on track

Financial Tribune- Iran’s auto market was last month watched in astonishment by jittery customers and bewildered citizens in the face of skyrocketing prices. In order to redress the volatile situation and put in check the spiraling uptrend which had driven car prices to unprecedented highs, the country’s two largest carmakers launched extensive sales of vehicles in the past few days.

Starting from the final days of Ramadan (June 15), SAIPA and Iran Khodro supplied the market with vehicles via online preorders and under conditions which made the purchases feasible to the public, in an initiative to mark the auspicious occasion of the holy fasting month.

The unhinged car market calmed down following IKCO and SAIPA’s e-sales. According to the two carmakers’ official websites, IKCO is gradually injecting 220,000 vehicles into the market and SAIPA has put 100,000 cars up for sale.

The two car manufacturers are offering special packages to the eager population bent on turning their money into commodities to hedge against the raging inflation.