Economy, Domestic Economy

Auto Market Warming Up

Auto Market Warming UpAuto Market Warming Up

Auto market players say the automotive industry is witnessing a surge in the number of transactions on the final days of the current calendar year (to end March20), ISNA reported on Saturday. The auto market has been in recession since the beginning of the year. It was affected as a result of rising prices to the extent that people stopped buying or selling their cars during the period. “Although the number of transactions is on the rise in the auto market, the prices have not increased so far,” the report further indicated, adding that the consumers prefer to buy brand new cars. The automotive industry is Iran’s second most active industry, after oil and gas industry, accounting for 10% of Iran’s GDP and 4% of the workforce. Iran Khodro and Saipa – two major Iranian car manufacturing units – account for more than 90% of the total domestic production.