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Iran’s auto industry turnover hits $12B

Business Materials 1 December 2014 12:57 (UTC +04:00)

Baku, Azerbaijan, Dec. 1

By Umid Niayesh - Trend:

Iran's auto industry's annual financial turnover hits $12 billion, Minister of Industries, Mines and Trade Mohammad Reza Nematzadeh said, the Islamic Republic official IRNA news agency reported Dec. 1.

Nematzadeh expressed hope that the figure would increase by 30 percent by next Iranian fiscal year (to start on March 2015).

The Islamic republic plans to produce annually 3 million cars by 2025, Nematzadeh said, adding Iran would rank fifth in Asia in terms of auto production by the year. The Islamic Republic plans to export annually one million sedan cars, 30,000 commercial cars and $5 to $6 billion worth of auto parts by 2025, he said.

The auto industry would share 4 percent of country's GDP by the year, Nematzadeh added.

Until the mentioned year at least $25 billion worth of auto parts should be manufactured domestically per year, the minister said.

The auto industry of Iran shares 18.8 percent of Iran's total industry value-added, Nematzadeh underlined. He added that the sector shares 12 percent of the country's total industry employment.

Some 521,585 cars were produced in Iran in the first half of the current fiscal year (March 21 - Sept. 22). The figure shows a 74.3-percent increase compared to the same period of the previous year.

The country produced 989,110 cars in 2012, which made it Asia's eighth largest car manufacturer. Iran's automobile output faced a 40 percent decrease in 2012 due to the sanctions. The country was Asia's fifth largest car manufacturer in 2011, with a total output of 1,648,505.

Edited by CN

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