September 15, 2023
Iran’s two leading car manufacturing companies have raised their prices by an average of 29 percent.
Lists released on local media April 9 showed the price of various models produced by the Iran Khodro Company (IKCO) and Saipa had increased an average of 29 percent, well short of the annual inflation rate of around 50 percent in recent years.
The last time the two companies raised their posted car prices was in 2021.
IKCO and Saipa are partly owned by the Iranian government and price increases must first be approved by the state-controlled Competition Council.
However, some models actually have been selling at prices four times higher than those announced by the companies.
Saipa’s CEO Mohammad Ali Teymouri said carmakers were planning to increase their prices by an average of 40 percent, but then decided to comply with the government order.