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
Wednesday, October 22, 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
MED2020 conference to discuss advances in medicine, surgery
ISC organises Diwali fair
Visit Richwood Antiques today without appointment
Omani Media Days expo starts in Paris
Researchers to be honoured
Sunaidy checks facilities at Al Madina Logistics
Tanzanian official visits Sohar Estate
Other Top Stories
US may okay more centrifuges in Iran N-talks
Nadella’s pay tops $80m with big stock awards
Syria military response may fuel extremism: UN
Palestine to join world bodies, if UN resoultion fails
French device ‘helps doctors detect Ebola in 15 minutes’
India
Decks cleared for e-auction of coal blocks to firms
Make paid news poll offence, put ceiling on campaign spending: EC
Modi to spend Diwali with flood-hit in Kashmir
Pakistan’s objection derails UN convention on terrorism, says Doval
Kerala seeks legal help in Isro case
Nokia staff want to roll out Amma cell phones
Khattar to take oath as first BJP CM in Haryana
RBI tells banks to partially freeze KYC non-compliant accounts
BJP set to form government in Maharashtra after Diwali
Disclosures on black money ‘will embarrass Congress’
E-companies bring smiles to faces of rail passengers
Agencies keep watch on terror threat: NSA
Pakistan
TTP sacks spokesman for supporting Baghdadi militia
Robbery ‘appals’ Edhi, ex-staffer on suspect list
New airport project in Gwadar gets green signal
Imran vows to end sit-in if Sharif reveals details of assets
Solar radiation measuring station opens in Punjab
Beggars bear brunt of terror crackdown
Middle East
Top cleric’s death leaves gap in Iranian power structure
War-hit Gazans downbeat on promised aid
Sudan ruling party chooses Bashir as poll candidate
Egypt plans cash sops to offset subsidy cut impact
Syrian stones daughter to death in video
Anbar turns militia’s key target
Asia
HK leader offers olive branch to lure protesters
Search resumes for survivors a week after Nepal blizzard
Runaway teen threatens Abbott in terror video
House approves bill granting credit assistance to OFWs
Reforms to be tested as Myanmar poll set for ’15
China to plug ‘gift’ loophole to tackle graft
Business
OOC in talks to buy minority stake in Oxy’s Oman assets
OCCI supports faster economic diversification
Call to focus on EOR, tight gas
India to let private firms in coal mining
Financial Tech to absorb scam-hit NSEL, liabilities
Falling oil lights up India economic outlook
India move to deregulate diesel prices credit positive, says Moody’s
iPhone sales better than expected but iPad volumes slide
China hackers may have attacked iCloud
JLR opens first foreign unit in China
Europe
Moscow, Kiev and EU struggle to end gas price dispute
Total CEO killed in Moscow plane crash
Istanbul varsity a hotbed for rival protests over Baghdadi militia
Turkey boosts hacking probe
‘Abu Hamza aide’ extradited to US is mentally ill
Sports
Mixed feelings over Pistorius sentence
De Villiers leads SA to victory
Blind helps United come off with draw
Rohr resigns as Niger coach after poor show
India’s oldest football club faces cash crunch
End of 2022 is Blatter’s chance to make amends
Scotland scales four shots clear at top
BCCI suspends Windies’ tours
Al Harthy makes Porsche GT3 Cup return
Watson set for summer of cricket after injury layoff
Marsh, O’Keefe to herald new dawn in Aussie cricket
Wozniacki stuns Sharapova in WTA Finals
Americas
US issues tighter rules for Ebola health workers
Canadian who mowed down soldiers has terror links: Police
Californian charged with murder of Saudi student
Rising cyber attacks prompt US to revamp security prosecution team
Court suspends judge over porn scandal
Autistic student bullied at school, on social media

Sports


International

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