Iranian automotive companies are in the red, owing parts makers 430 trillion rials ($1.72 billion), a member of Iran Auto Parts Makers Association said.
Reza Rezaei added that parts manufacturers are struggling to finance their operations and urged automakers to pay at least part of the debt as soon as possible, Tasnim News Agency reported.
He said the part making sector is a strategic component in the auto sector, which is able to materialize localization goals.
“They deserve more support from the government, but unfortunately the state has paid little attention to the sector,” he added.
Criticizing the cumbersome regulations in the banking system, Rezaei noted that parts makers are having a hard time in getting bank facilities.
February 22, 2021 19:50
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Auto Sector Facing Tough Times
Business Insiders say parts manufacturers, who are struggling to finance their operations, have urged the automakers to pay at least part of their outstanding debt to sustain the supply chain
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