Since August 2018 and following the reimposition of harsh US sanctions, 280,000 Iranian workers have lost their jobs in the domestic auto parts industry.
Iran Auto Parts Makers Association has released a report indicating that the sanctions imposed by US President Donald Trump on Iran’s auto industries, as well as mismanagement, have taken a harsh toll on the local auto industry.
The association says 550,000 workers were employed in the country’s auto parts industry, of which 130,000 were laid off following the imposition of US sanctions. Contracts of 150,000 workers have also been suspended.
US sanctions have also saddled Iranian parts makers with a net loss amounting to 1.2 quadrillion rials ($10.3 billion).
The report further states that Iranian auto industries are operating at 40% of their nominal capacity and puts the value of auto parts makers’ assets at 2.5 quadrillion rials ($21.4 billion).
September 11, 2019 18:05
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US Sanctions Taking a Toll on Iranian Auto Parts Makers
Of the 550,000 workers employed in Iran’s auto parts industry, 130,000 were laid off following the imposition of US sanctions. Contracts of 150,000 workers have also been suspended
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