After the public outrage over soaring prices of locally manufactured cars prodded the Iranian Parliament to summon the directors of Iran's largest automotive companies and the deputy minister of industries, during a hearing on Sunday makers and government officials tried to vindicate the latest market developments.
Car manufacturers and auto part makers defended the soaring prices of vehicles during the session held on Sunday afternoon.
Iran Khodro and SAIPA, the country's largest carmakers, attributed the spike in auto prices to the fluctuations in the foreign exchange market and the rising inflation rate. Suppliers blamed the increase in the price of raw material, reported IRIB News.
Lawmakers say forex fluctuations and inflation are two separate issues and the impact of each on the prices needs to be investigated.
May 21, 2018 17:14
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Parliamentary Probe Into Soaring Car Prices in Iran
After being summoned by lawmakers, Iranian carmakers did their best to justify the soaring car prices in recent weeks which have bewildered the public and goaded parliament members to take action
A commission has been formed by representatives of various players in the automotive field to present in-depth price analysis of cars next week
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