Tehran to Invest $19.5m on Upgrading Public Bus Fleet

Tehran Municipality plans to spend 5 trillion rials ($19.53 million) on new buses to bolster the aging public transportation fleet in the capital.
Mahmoud Tarfa, the head of Tehran Bus Company, said Tehran Municipality has issued participatory bonds worth 15 trillion rials ($58.59 million), one-third of which or $19.53 million is to be used for upgrading the bus fleet and the remaining will be invested on subway development. 
“Besides the bonds, the municipality will also open up its coffers to expedite the bus fleet renewal,” the official was quoted as saying by ISNA.
Tarfa added that a single-cabin bus costs around 40 billion rials ($156,000).
In June 2020, major domestic automaker Iran Khodro Company (IKCO) started collaboration with TM with a contract worth 4 trillion rials ($15.62 million) to deliver minibuses and LPG- and CNG-hybrid buses.
“A contract between IKCO and TM has also restarted IKCO’s bus production lines after a long-drawn lull,” Mohammad Zali, the CEO of Iran Khodro Diesel, an IKCO subsidiary, said.