28 Mar 2024
Thursday 19 September 2019 - 17:15
Story Code : 359423

Sanctions slash Irans automotive diversity

Financial Tribune - The choice of cars available to Iranian customers has shrunk over the past year after the US reimposed harsh sanctions against Tehran.

Almost all foreign partners of Iranian carmakers pulled out of the country after US sanctions targeted Irans automotive industries.

Even international auto parts makers with decades-old ties with Iran halted sales to Iranian firms, as the US embargo threatened the formers access to American markets and disrupted the latters global banking relations.

As a result, even if a foreign firm wanted to work with domestic companies, Iranian payment for the goods and services couldnt get through.

All these have taken a harsh toll on Irans auto manufacturers and assemblers.
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