Iranian automotive companies have raised the prices of their products by an average of 29%, according to the CEO of Iran's second largest carmaker Saipa.
Mohammad-Ali Teimouri said on Sunday that the last time that the two Iranian main automakers – Iran Khodro Company (IKCO) and Saipa Group – had announced an increase in their prices was some 18 months ago.
Teimouri added that Iran's Competition Council and the Consumers and Producers Protection Organization are responsible for determining any increases in car prices, adding that the two government bodies have been studying the new prices for the past five months.
A new pricing mechanism has been consiodered based on six-month audit reports of IKCO and Saipa Group, he said, adding that another method used for price rises was to take inot account prices of three foreign cars taht were equivalent to Iranian-made automobiles in terms of size and quality.
Teimouri said the Competition Council had been seeking to increase car prices by an average of more than 40%, adding that the prices were then adjusted after First Vice-President Mohammad Mokhber asked for a revision.