Iran’s second largest auto manufacturer SAIPA hiked the prices for its products, some by as much as 9.4%, according to leaked data vaguely affirmed by officials.
In an underhand move, SAIPA initially pushed up prices up to 60 million rials ($1,428) last week through a directive issued last week. Facing heated criticism, the company initially caved in and reversed the prices. However, later, on Saturday, the firm issued a new directive jacking up prices up to 90 million rials ($2,142) this time, reported Donya-e Eghtesad.
Depending on the vehicles’ model, the price hikes vary from 6.6% to 9.4%. The State Inspectorate Organization of Iran, affiliated to the judiciary, advised SAIPA to return prices to previous levels when first news broke about the jump.
SAIPA suspended the price increase announcement for less than a week before they communicated the new rates to sales branches to be applied retroactively.
May 02, 2018 16:20
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SAIPA Jacks Up Car Prices
SAIPA has pushed up the price tag on almost all of the models it has on offer by 6.6% to 9.4%, which in one case translate into a $2,100 increase
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