Two main Iranian carmakers sell $165 million worth of assets

Business Materials 7 December 2013 14:28 (UTC +04:00)

Baku, Azerbaijan, Dec.7

By Fatih Karimov - Trend:

The two main Iranian carmakers, Iran Khodro and Saipa, have sold 4.1 trillion rials (about $165 million) worth of their assets in the current Iranian calendar year, which began on March 21, 2013, the Mehr News Agency quoted Iranian Deputy Industry Minister Mohsen Salehinia as saying on December 7.

Iran khodro has sold some 2.3 trillion rials (about $92 million) worth of its assets and Saipa has sold 1.8 trillion rials (about $73 million) worth of its assets, he added.

The assets have been sold in order to provide liquidity to implement production boost plans by the two carmakers, the official said.

Saipa car manufacturing company produced 124,044 sedan cars in the first half of the current Iranian calendar year, the IRNA News Agency reported, citing the Industry, Mine, and Trade Ministry's report.

The figure accounts for over 50 percent of the country's total sedan car output.

Iran Khodro with 108,258 sedan cars and 39 percent of Iran's total output stood in the second place.

Iran produced around 989,110 cars in 2012, which made the country Asia's eighth largest car manufacturer.

Iran also stood at the world's 18th place, the ISNA News Agency reported.