Iranian carmakers register record growth rate

Iranian automakers set a new record in growth as they managed to roll out over 1 million cars in the past 8 months. During the first 8 months of the current Iranian year - March 20 to November 20, 2011 - 1.09 million cars were manufactured by local car manufacturers in Iran, resulting in a growth of 5%, compared to the same period previous year. Iran's auto industry has registered an exponential growth pattern in the past 10 years. Iran is emerging as one of the world's major auto manufacturers and is expanding their operations partly due to the fact that Iran-Khodro Company (IKCO) has put forth an aggressive production plan and growth tactic. According to IKCO's plans, Iran recorded a growth in sales by 18% during 2010. Iran-Khodro Company went ahead with plans to produce spare parts within the country instead of depending on imports. IKCO is also concentrating on exports of its vehicles. Estimates and reports also suggest that Iran's auto sector has avoided the direct impact of international sanctions resulting in constant vehicle production and strong sales which is likely to continue over the next few years.