TEHRAN– Iranian carmakers manufactured 604,035 vehicles in the first eight months of the current Iranian calendar year (March 21- July 22), Islamic Republic of Iran Broadcasting (IRIB) reported on Saturday.

The country produced 55,493 vehicles in the Iranian month of Aban (October 23-Novemebr 21).

The carmakers manufactured 1.13 million vehicles in the past Iranian calendar year, which ended on March 20, showing 53 percent growth compared to its preceding year.  

The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market. 
   
Latest data shows that Iran ranks 18th on the list of the world’s top auto manufacturers. 

The 2014 production statistics by the International Organization of Motor Vehicle Manufacturers (OICA) indicate Iran’s auto production increased by 46.7 percent in the 12-month period. 

The figures show Iranian automakers produced 1,090,846 cars and commercial vehicles last year. 

Global automakers are in a race for new business in Iran following the July 14 signing of a nuclear accord between Iran and world powers, which will end economic sanctions against Iran in exchange for restrictions on its nuclear program.

In his visit to Iran on November, Italian Economic Development minister Federica Guidi said his country is keen on investing in Iran’s car industry.

Japan also seeks joint car manufacturing in Iran, according to Japan External Trade Organization (JETRO) Chairman Hiroyuki Ishige who visited the country on October.

SJ/