Iran’s IKCO, Saipa raise car prices by average 29%
Iran’s two leading car manufacturing companies have raised their prices despite concerns that the hikes could fuel hoarding and speculative trade in the country’s car market.
Lists released on local media on Sunday showed that the price of various models produced by the Iran Khodro Company (IKCO) and Saipa had increased by an average of 29%.
The last time the two companies had raised their car prices was in the summer of 2021.
IKCO and Saipa are partly owned by the Iranian government and any price increases should obtain the approval of the state-controlled price regulator the Competition Council.
That comes as Iranian economists have warned that car price hikes could negatively impact the market where some models are sold at prices four times higher than those announced by the companies.
In an order issued earlier this week, Iranian Vice President Mohammad Mokhber demanded a revision of car prices which he said could have major inflationary impacts on the market.
Saipa’s CEO Mohammad Ali Teymouri said on Sunday that carmakers were planning to increase their prices by an average of 40% but then decided to comply with the government order.
Tables released by IKCO showed that the company will offer its flagship homegrown model Dena Plus at a price of 4.57 billion rials ($9,400) nearly half the price of the car in the market.
Saipa’s most expensive model Shahin would be available for 3.6 billion rials ($7,200) while its market price was around 7 billion rials on March 9.
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