BMI believes there are still too many risks to manufacturing – not least the shortage of capital and Western sanctions – to expect a full recovery in the current year. Indeed, output for the first four months of the Iranian year, which coincides with the four months ending July 2013, was down a further 47.0% year-onyear (y-o-y), according to data from the Iran Vehicle Manufacturers Association. Although production of the Peugeot 206 recommenced in December 2012, which was heralded as the beginning of an upturn for the more self-sufficient industry, output of the model is down 67.0% y-o-y for the …
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