percent of the output. Although carmakers are listed on the stock exchange, the government still owns about 40 percent of both companies. In July 2010, the government sold a further 18% stake in both Iran Khodro and Saipa for about $2 billion in total, bringing down its participation in both companies to about 20%. In August, both deals were cancelled by the Iranian Privatization Organization. No clear reason was given for the cancellation of the deals, but analysts believe that discontent over the prices at which the blocks were traded is the most likely reason. Unofficial estimates put the sector’s debt to Iranian banks as high as 100 trillion rials ($4 billion). The other car manufacturers, such as Azhitechs, Bahman Group, Rakhsh Khodro, Kerman Motors, Kish Khodro, Raniran, Traktorsazi, Shahab Khodro, and others together produced only 6%. These automakers produce a wide range of automobiles including motorbikes, passenger cars, vans, mini trucks, medium-sized trucks, heavy duty trucks, minibuses, large size buses and other heavy automobiles used in commercial and private activities in the country. Iran Khodro Diesel has a dominant market share (+70%) in bus, truck and van production. Iran with having a fleet of 7 million passenger cars, buses and trucks ranked the world’s 16th biggest automaker and one of the largest in Asia in 2006 with annual production above 1 million units and 1.3 million in 2009, resulting in almost 1.5 percent of total world production of vehicles and 1 car per 10 person. Iran's fleet reached 11.5 million cars by 2020 and 14 million by 2014 (half of which are dilapidated). Sixty percent of passenger cars produced in 2008 will use natural gas as fuel or will be dual-fuel, and the remaining 40 percent will run on regular gasoline (2008). Some problems faced by the industry are slow deliveries of cars, lack of after sales services and low quality in the production of some cars. Car production in Iran has increased 445% between 1998 and 2008. In July 2013, sanctions imposed by the USA prevented Iranian companies from importing the vehicle parts upon which domestic cars rely; this caused Iran to cede its place to Turkey as the region’s top vehicle manufacturer. Because of sanctions on spare parts by France's Peugeot and Renault, car production in Iran dropped by as much as 40% in 2012 before recovering somewhat in 2014 following the Geneva interim agreement. In 2014,