BMW nearly out of Iran market

Business Materials 21 September 2012 18:06

Azerbaijan, Baku, Sep.21/ Trend F.Milad/

The German BMW carmaker has nearly lost the Iranian market and is being replaced by the two other carmakers Benz and Porsche, the ISNA news agency reported.

Less than 50 BMWs has been imported into Iran during the first five months of the current Iranian year, which began on March 20.

Over 15,750 luxury cars, worth around $341 million, have been imported into Iran during the five-month period of time, showing some 30 percent rise year on year.

The cars were mainly imported from the UAE, South Korea, and Oman.

Wealthy Iranians are fuelling an unprecedented luxury car boom despite sanctions hurting their economy, paying up to $360,000 for high-end autos, AFP reported in April.

Iran's automobile market is highly protected against imports, allowing in only 40,000 vehicles last year, despite steadily growing demand mostly met through domestic production of some 1.6 million cars per year.

There are now an estimated 14 million vehicles on Iran's roads, more than double the 6 million registered in 2005.