Financial Tribune - Iranian car companies have incurred losses to the tune of 100 trillion rials ($833.2 million) in the first half of the current fiscal year (started March 21), secretary of Iran Vehicle Makers Association says.

Ahmad Nematbakhsh also told local automotive website Asbe Bokhar: “According to data published by Iran’s Securities and Exchange Organization, the carmakers were burdened with 70-80 billion rials [$583,000-666,600] of losses last year [ended March 2019].”

According to the official, the status of car companies has further deteriorated over the past few months, recalling that the country’s largest carmakers Iran Khodro (IKCO) and SAIPA have incurred losses worth 50 trillion rials ($416.6 million) each.

He blames the government for the chaotic state of car production. He believes that if the state authorities had allowed car prices to increase, the firms would not have been saddled with such gargantuan losses.