The domestic auto industry's debt to parts makers has reached a new high of 450 trillion rials ($1.45 billion), according to a member of the Iran Auto Parts Makers Association.
Reza Rezaei also told the Persian economic daily Donya-e-Eqtesad that the massive debt has built up over the years, such that around 120 trillion rials ($387 million) of the total only pertain to the previous fiscal year (ended March 2021.
Noting that parts manufacturing companies employ hundreds of thousands of people, the official warned that if the carmakers are not given a loan right away, the situation could spiral into a crisis, with many people losing their jobs.
December 11, 2021 18:47
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Automakers’ Debts Piling Up
Iranian automakers are deep in the red, owing parts manufacturers 450 trillion rials ($1.45 billion), which debt has accumulated over the past several years
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