FinancialNews

Home

Investor Relations

Financial News

04-04-23

Iranian Car Manufacturing Industry Shows Substantial Growth

(MENAFN) Iran's car manufacturing industry has shown significant growth over the past year, according to various reports. In the last month of the past Iranian calendar year (February 20-March 20), car manufacturing in Iran rose by 86 percent compared to the same period in the preceding year. Iranian carmakers produced 112,891 vehicles during this period. In the past Iranian calendar year 1401 (ended on March 20), car manufacturing in Iran increased by 39 percent, with Iranian carmakers manufacturing 1,347,394 vehicles in the year.

Passenger cars accounted for the majority of car manufacturing in Iran, with 1,182,078 units produced in the past year, representing a 35 percent increase year on year. Vans took the largest share of the production, with 125,507 vans manufactured and a 56 percent growth. Trucks also showed significant growth, with 34,136 units manufactured and a 150 percent rise. The manufacturing of buses stood at 1,391, while minibusses and middle buses saw an increase of 88 percent and 11 percent, respectively. In addition, about 450,000 motorcycles were manufactured in the previous year, with a 61.2 percent rise year on year.

The International Organization of Motor Vehicle Manufacturers (OICA) ranked Iran sixth in the world in terms of car manufacturing growth in 2022. According to the OICA data, car manufacturing in Iran increased by 19 percent in 2022, with the country manufacturing 1.064 million vehicles. This is compared to 894,000 units manufactured in 2021. The OICA report also ranked Iran as the world's 16th largest automaker in 2022. This marks an improvement of three places compared to the previous year, placing Iran ahead of industrial countries such as the UK, Russia, and the Czech Republic.

Similarly, the European Automobile Manufacturers' Association (ACEA) ranked Iran as the world's 11th largest automaker in 2022, according to its annual report released in late February. This marks an improvement of eight places compared to the previous year, with Iranian automakers manufacturing 1,085,859 vehicles in 2022, a 10.8 percent growth compared to 979,969 cars in 2021. The ACEA data also shows that more than 68 million cars were produced worldwide in 2022, indicating a 7.9 percent growth compared to 2021, where 63,200,000 cars were produced.

The growth of Iran's car manufacturing industry is a testament to the country's ability to develop and expand its domestic industries, despite facing significant economic challenges and international sanctions. The progress made by Iranian carmakers demonstrates the country's potential to become a major player in the global automotive market.
MENAFN04042023000045014228ID1105940713

Follow us

Terms & Conditions | Privacy & Security | Contact Us | Sitemap