Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Saturday, October 25, 2014  

Iran auto output drops on curbs
TEHERAN Iran’s auto production fell by more than 36 per cent over the past three months, the industry ministry was quoted by Isna news agency as saying on Saturday, citing “lack of money.”

Production fell to about 241,500 vehicles in the first quarter of the Iranian year (March 21 to June 20), according to the figures. Iran built more than 1.5 million vehicles in 2011-12.

The decline coincides with the halt of parts deliveries to Iran by French manufacturer Peugeot because of Western sanctions.

Peugeot is a partner of the main Iranian auto maker Iran Khodro (IKCO), which manufactures the 405 and 206 models, whose output represents approximately 40 per cent of Iranian automobile production. They incorporate 5-10 per cent of components imported from France.

Peugeot announced in February it had stopped shipping to Iran and repatriated most of its staff. It cited difficulties created by the Western banking embargo against Tehran, which has complicated trade and caused a shortage foreign currency.

IKCO’s parts imports from Peugeot accounted for 700-800 million euros ($572-654 million) per year, according to figures available in Teheran.

The head of the Iranian Association of Automobile Manufacturers, Ahmad Nematbaksh, told Isna that the drop in production is due to the “lack of money available to the manufacturers” given by the state, which caused a “cash crisis.” Citing industry executives, business daily Donaye Eghtesad said the decline in production is “unprecedented in the past 20 years” and could create difficulties for the entire automotive industry, including subcontractors, with plant closures and layoffs, if the government does not come forward with $1 billion in aid.

Agencies
NEWS UPDATES
Oman
Meeting recommends GCC centre for water treatment
Documentary on Oman screened in Paris
Oxy Oman signs deal to back SMEs
70 projects vie for HM e-governance award
Other Top Stories
US strikes hit militia in Kobani, Mosul dam
Canada House locked down, intruder shot dead
Sultanate, Abu Dhabi ink deal for first wind energy plant
Rowhani opposes bill to empower Islamic vigilantes
2 die after Ebola test sparks riot in Sierra Leone
Middle East
Four Blackwater guards guilty of ’07 Iraq killings
Unrest-hit Tunisian city sees no peace in sight as clock ticks on poll
Settlers grab land through shady deals
S. Arabia sentences 13 over plot to attack US soldiers
Iran lawyer up in arms over practice ban
Business
MSM surges 120 points on global cues, better earnings
Middle East equity issuance rises 43%
Oil could fall to $70 range in coming months: Moody’s
India may allow foreign firms in commercial coal mining
Wipro posts 8% rise in Q2 profit
Tainted firms feel heat of India ‘clean-up’ drive
DLF seeks relief from market ban
Beijing fears rate cut may fuel debt, property bubble
Japan hit by growing trade deficit
Total appoints new CEO after death of De Margerie
Apec to follow ‘flexible’ policies
Sports
Champions League throws up goal feast
Modest Guardiola says Bayern can do better
Ton-up Younis stands tall for Pakistan
Johnson not in Akram’s league yet, says Waqar
Utd job too big for Moyes: Alex
Scotland lifts Ghala Valley Open crown
Almouj gear up for NBO Golf Classic
AIBA suspends boxer Sarita and coaches

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution