Iranian Parts Makers Lose $791 Million

Iranian auto parts makers racked up losses of more than $791 million during the fiscal that ended in March, secretary of Iran Auto Parts Makers Association said.
“Local parts makers accumulated losses north of 110 trillion rials ($791 million) during the past fiscal year,” ISNA quoted Maziar Beiglou as saying.
He was speaking at a conference in Tehran Tuesday on Challenges and Opportunities for Iran Auto Parts Industry in 2019-20.
According to Beiglou, following the reimposition of US sanctions last year the cost of raw materials jumped a massive 250%. “But the government did not let parts makers raise prices. This put the industry under further strain.”