EghtesadOnline: Iran’s midrange auto sector is seeing sudden hike in prices of locally produced and assembled models soon after prices of imported vehicles jumped over the past few months.

EghtesadOnline: The share of Iran’s auto industry in the country’s gross domestic product (GDP) is projected to rise by 70 percent in the current Iranian calendar year 1396 (March 2017-March 2018) compared to four years ago.

EghtesadOnline: Rising foreign exchange rates over the past several weeks is pushing up the price of raw material for automakers according to the secretary of Iran’s Automakers Association. He has called on the government to provide more support to the local auto part manufacturers.

EghtesadOnline: During to the first two months of the current Iranian year ending on May 21, with 226,584 cars and duty vehicles rolling out of factories, the key automotive sector recorded a 31.1% year-on-year growth.

EghtesadOnline: Iran’s auto sector has notched up its ninth consecutive month of growth with Ministry of Industries reporting that 1,103,631 cars and heavy duty vehicles were produced in the country during the nine months to Dec. 21, indicating a 16.1% year-on-year increase.

EghtesadOnline: The past year has been transformative in the local auto industry as foreign car companies look to edge their way back into the country of 80 million people.