Iran Auto Sector Losses Hit $3.3b

The top two domestic automakers’ cumulative loss has reached 800 trillion rials ($3.36 billion) by the month ending May 21. 
Saeed Madani, a former CEO of SAIPA, added that in view of the declining output of major automakers, Iran Khodro (IKCO) and SAIPA, the mounting loss must be addressed promptly, or their operations will close down, Asr-e Khodro reported.
Based on the data released by Securities and Exchange Organization on Codal.ir, Iran's vehicle output fell by 39.4% year-on-year to 54,233 sedans in the month ending May 21.
According to the ex-official, Iran's automobile industry is a crucial sector, accounting for 18% of the country's GDP, which means that bad decisions in the sector could have far-reaching effects.