Tehran - Iran will unveil a first home-made budget car in early 2023, says a senior government official, amid plans to boost the quality of cars produced inside the country and to make them more affordable for the public.
Deputy industries minister Manuchehr Manteghi said on Sunday that the Iranian-made budget car planned for unveiling in February next year will be “modern, appealing and affordable”.
Manteghi said that initial works on the new car model have been carried out as part of a joint project between the ministry of industries (MIMT) and major automotive companies in Iran.
He said the government will be serious about the project and will provide the required financial support to make it successful.
The official said the model could be even cheaper than international rivals that normally cost between $5,400 and $5,800.
The announcement comes more than a month after Iranian President Ebrahim Raisi issued decrees aimed at triggering a reform process in the Iranian home-grown car industry.
One of Raisi’s decrees was for the MIMT to plan the launch of a home-made budget car in the near future to help customers who have been struggling with rising car prices in Iran in recent years.
Manteghi said that the Iranian budget car is planned to hit the markets in the summer of 2024.