Iran to reduce funds spent for import of car parts

Business Materials 29 January 2020 16:37 (UTC +04:00)
Iran to reduce funds spent for import of car parts

BAKU, Azerbaijan, Jan. 29

By Elnur Baghishov - Trend:

The funds spent by Iran for the import of spare vehicle parts will be reduced by 25 percent, Secretary of the Iranian Auto Parts Manufacturers Association (IAPMA) Maziyar Beyglu said.

“Up to 400 million euros are expected to be saved as a result of holding the fourth panel [event] to promote domestic car production,” the secretary said, Trend reports referring to IRNA.

“So far, three panels on the domestic production of car parts have been held and a decision was made to save 275 million euros,” the secretary said.

Beyglu added that $2 billion are spent in Iran to produce one million vehicles in Iran.

“The car parts are domestically produced through the industrial facilities of the Iranian Defense Ministry and start-up companies,” the secretary said. “The defense ministry's share in this sphere is 10-15 percent. So far, two Iranian carmakers (Iran Khodro and Saipa) have not announced a program to produce electric cars and spare parts.”

Beyglu said that the private companies have begun to work in this sphere.

"The parts of electric cars are different from other cars and new systems must be used," the secretary said.