Iran’s car production hits 455,000 in 6 months

Business Materials 29 September 2014 18:27 (UTC +04:00)

Baku, Azerbaijan, Sept.29

By Fatih Karimov - Trend: Iran produced 455,000 cars in the first half of the current year.

Iran's industry minister Mohammad-Reza Nematzadeh said the domestic carmakers plan to produce 1.2 million cars by the end of the year, Iran's IRIB reported on Sept. 29.

The Information Network for Iran Production and Trade, affiliated with the Ministry of Industry, Mining, and Trade reported on Aug. 31 that the country's car production has risen significantly after two years of decline.

Based on official statistics, Iranian carmakers produced 624,000 cars in Iranian year 1392 (March 2013-March 2014), a 29 percent fall compared to year 1391 and a 55 percent fall compared to year 1390.

The national document for the development of the car industry, which was ratified on Aug. 4, has envisaged the country's GDP will reach $1,158 billion in 2025, and that the car industry will have a share of $47.5 billion in GDP. In other words, the car industry's share of GDP will reach 4.1 percent in the next 11 years.

The World Bank has put Iran's GDP at $369 billion in 2013, compared with $528 billion in 2011. The car industry's share of GDP is currently about 1.7 percent.

Edited by CN