Two major auto manufacturers are negotiating with banks to boost liquidity for increasing their production by 260,000 units in the fourth quarter of the current fiscal year (December 22, 2021-March 20), according to a member of the board of directors of the Association of Homogeneous Propulsion Industries and Component Manufacturers.
“Following the change of CEOs of the two major automakers, negotiations have been held with banks to provide 50 trillion rials [$189.39 million] to each of the automakers. This payment will be used to complete the incomplete cars and increase car production. However, so far, no talks have been held with component makers to increase production,” Reza Rezaei was also quoted as saying by Khabar Khodro.
According to the Persian economic daily Donya-e-Eqtesad, SAIPA’s new CEO was appointed on Jan. 12 and the CEO of Iran Khodro Company (IKCO) was replaced on Jan. 29.
February 12, 2022 18:24
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Automakers Seeking Liquidity Boost
Automakers are in talks with banks to boost their liquidity, so they can increase their production in the last remaining weeks of the current fiscal year (ending March)
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