Iranian tire manufacturers have produced 16.5 million tires in the eight months to November 20 registering an output increase of 22 percent year on year.
Tire production by a major manufacturers has reached a total of 175,650 metric tons in the first eight months of the current Iranian calendar year, a report by the official IRNA news agency shows.
Automobile tire output reached 104,025 tons, or nearly 60 percent of the total production showing a 27-percent increase.
Tire production in Iran is expected to experience a major boom in the coming months after the government liberalized a bulk of the market last month and allowed manufacturers to offer products on competitive prices.
The decision came after the government stopped financing imports of raw materials needed in by tiremakers.
High currency rates have led to lower imports of foreign brands of tire to Iran in recent years, helping domestic manufacturers to diversify their production lines.
Total annual output is expected to top 20 million tires by the end of the current Iranian calendar year (late March 2021), according to official government forecasts.