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, September 03, 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
NCSI launches new brand identity
Sultanate leads in anti-money laundering fight
SQU holds meeting on emergency medicines
Studies on old neighbourhoods enter second phase
International maths and science forum inaugurated in Sur
Oman has huge tourism potential, says Wheeler
After Everest, now Whittaker aims at Mount Vinson
Other Top Stories
Hadi to replace government
Palestine to push for statehood with Kerry
West Africa food security at risk as Ebola spreads
US drone targets Shabaab leader, fate unknown
Uruguay denies delay in taking six detainees from Gitmo jail
India
Blackout cripples Mumbai as Tata Power unit trips
Three militants killed as police raid hideout in Kashmir village
Canberra satisfied with Delhi’s N-safeguards
Missing files ‘no excuse for denying information’ under RTI Act
Delhi Metro snag leaves thousands in dire straits
Alagiri gets bail in land grab case
Country offers red carpet, not red tape, PM tells investors
66pc voters cheer Modi’s performance
Death row convict ‘can be heard in open court’
Probe ordered into RSS man’s murder
Government’s 100 days disappointing: Congress
New CBSE circular stokes controversy
Sister of UP rape accused gang-raped
Pakistan
Parliament stands behind Sharif
IMF programme in jeopardy as protests sap economy
Court issues notices to all parliamentary parties
US drones strike 390 times since ’04
Violent protest leaves capital residents angry
Severe drought in Thar raises poverty, suicides
Middle East
Hamas support surges despite Fatah tensions
11 killed as roadside blast hits Egypt security convoy in Sinai
Sudan closes Iran cultural centres, expels diplomats
UN crosses front lines, borders to provide aid to record 4.1m in Syria
Gaza war ends, but peace still elusive
Conservatives win top council post in blow to Rowhani
Pipeline set alight after attack on S. Arabia troops
Asia
Protesters in HK ‘powerless’ to change China plan
Sexual abuse of twins by father puts surrogacy in spotlight in Australia
Nato to declare Afghan mission accomplished, but leaves behind turmoil
UK whistleblower on trial for defamation in Thailand
Ousted Myanmar beauty queen hits back
Business
Brent falls $2 to hit 15-month low of $100 on demand fears
China antitrust probe selective, say US firms
Apple shadow looms large at Berlin show
Sensex gains 150 points to surge past 27,000 mark
ONGC seeks $6 to $7.15 gas price to break even
Sebi notifies norms for research analysts to check proxy advisors
Basel III to hit Islamic Banks
Central bank of Venezuela mum on data
Major Bangla retailers lock horns over safety conditions in factories
Europe
Kiev ‘can be seized in 2 weeks’
Scotland ‘Yes’ camp inches closer to win
Russia declares Nato a ‘security threat’ after West move to boost defence
Parents to be reunited with Ashya today
Blow to Johnson as ‘Boris Island’ airport plan scrapped
Sports
Rahane seals India rout of England
Kabir Khan resigns as Afghanistan coach
My records are invincible: Bolt
Timeless Test last survivor Gordon dies
United dominate Europe transfer deals
English clubs lead the way in spending
Serena, Djokovic blaze through
Spain, Greece advance as Senegal stun Croatia
Australia bounce back to reach final

Sports


International

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