Financial Tribune – During the nine months to Dec. 21, 2018 Iran’s auto production plunged to 763,519 cars and commercial vehicles — a 31% year-on-year drop.
According to Ministry of Industries data, during the nine-month period, 713,233 cars were produced, down 31.2% compared to 1,037,374 units made during the same period last year. During the period, 50,101 trucks, buses, minibuses and pickups were made, indicating a 27.4% YoY decline.
Following the re-imposition of US sanctions, the Iranian economy is facing challenges and the rial has tanked, losing more than 60% of its value this year. The industrial sector is believed to be hit the worst due to its dependence on imports and the increasing reluctance of foreign companies to sell to Iran fearing the wrath of the openly hostile US administration.