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.
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 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
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