Iran's giant automaker boosts production

Business Materials 28 July 2015 13:44 (UTC +04:00)

Tehran, Iran, July 28

By Temkin Jafarov - Trend:

Iran Khodro Industrial Group has significantly increased auto production, said the CEO of Iran Khodro Industrial Group (IKCO) Hashem Yekeh Zareh.

Hashem Yekeh Zareh said during a press conference on July 28 that IKCO produced 120,000 autos during the first half of last fiscal year, but doubled this figure in the second half of year (Iran's fiscal year starts on March 21).

He said that during the first four months of the current fiscal year, IKCO produced 200,000 cars, which indicates a 9 percent growth, while producing of 600,000 cars has been projected for the current fiscal year.

Iran Khodro Industrial Group, also known as IKCO, is the leading Iranian vehicle manufacturer, while Iran is one of the biggest countries in region in term of producing cars.

The 2014 production statistics by the International Organization of Motor Vehicle Manufacturers (OICA) show Iran's auto production increased by 46.7 percent in the 12-month period. The figures indicate the Iranian automakers produced 1,090,846 cars and commercial vehicles last year.

Iran's Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said on July 23 that Iran was looking to move away from state ownership in many sectors, creating joint ventures for auto parts manufacturers with the aim to produce 3 million vehicles by 2025, of which a third would be exported.