TEHRAN- Car manufacturing in Iran rose 8.7 percent in the first five months of the current Iranian calendar year (March 21-August 22), compared to the same period of time last year.

Iranian carmakers manufactured 440,571 vehicles in the five-month period, with an increase from 405,470 vehicles in the first five months of the previous year, the ISNA news agency reported on Saturday.

The country 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.

Meanwhile, in June, Iran’s media reported that the country’s auto industry could see a major rise in production of cars in 2015.

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.

MA