US sanctions put nearly half a million jobs at risk in Iran’s auto parts industry
Auto parts suppliers in Iran warn that US sanctions coupled with domestic mismanagement are bringing their industry to its knees.
Union leaders who are frustrated with pressure from abroad and at home say some 450,000 workers employed by Iran’s auto parts industry are facing layoffs within a month. In the past few months, the country’s auto industry has witnessed a drop in production. In addition, a large portion of cars remain grounded in production lines while pending completion and then distribution in the market due to a scarcity of vital parts, according to economic daily Jahan-e-Sanat.
This has not only created price turbulence in the auto market but has left the parts manufacturers in the red as well. Quoting union officials, Iran’s Labor News Agency said that with giant domestic carmakers failing to pay their debts to local auto parts companies, the latter are now being pushed toward bankruptcy.
