Economy, Auto

Tehran Car Sales Decline

Market observers usually expect demand for cars to increase sharply during the closing days of the current fiscal year (ending March 20), but industry insiders report that demand for vehicles has plummeted
The forex volatility has drawn money away from the auto market.The forex volatility has drawn money away from the auto market.
The recent surge of 18-80 million rials ($380-1,700) in car prices and volatility in the foreign exchange market are the two main reasons behind the low vehicle demand

While carmakers and auto dealers expected a surge in demand during the closing days of the current Iranian year (ending March 20), the head of Tehran Auto Dealers Association said car sales have plummeted.
“In the past three weeks, the auto market has observed a sharp fall in demand,” Saeed Motemani was also quoted as saying by Young Journalists Club.
As is customary in Iran, demand for goods from food to vehicles spikes as the year comes to an end and families prepare for the New Year holidays. However, according to Motemani, demand for vehicles has fallen below projections.
"The price of locally manufactured vehicles has registered a hike of 18-80 million rials ($380-1,700) over the past few weeks," he said. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment