Debts Add To Iran's Vehicle Production Woes

May 2008 | Industry News

Iranian automotive spare parts manufacturers are owed unpaid debts of around US$1bn by vehicle manufacturers, according to an industry association. The Society of Automotive Spare Parts Manufacturers also claims the deadline for repaying these debts has been cut from the original eight months or more to three months, following a meeting between Minister Mohammad Jahromi and leading carmakers Iran Khodro and SAIPA. After being appointed to resolve the debt situation by Prime Minister Mahmoud Ahmadinejad in 2007, Jahromi met the companies and arranged that they should settle the debts owed to the parts

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