Complex Made Simple

Iran auto production down 36%

Iran's industry ministry has said car production in the country has dropped by more than 36% over the past three months, due to "lack of money," AFP has reported. Production fell to about 241,500 vehicles in the first quarter of the Iranian year (March 21 to June 20), the ministry said. The decline coincides with the halt of parts deliveries to Iran by French manufacturer Peugeot due to sanctions by the West. The head of the Iranian Association of Automobile Manufacturers, Ahmad Nematbaksh said the drop in production is due to the "lack of money available to the manufacturers" given by the state, which caused a "cash crisis."