Sanctions slash Iran’s 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 Iran’s automotive industries.

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

As a result, even if a foreign firm wanted to work with domestic companies, Iranian payment for the goods and services couldn’t get through.

All these have taken a harsh toll on Iran’s auto manufacturers and assemblers.