in the new year (beginning 21 March 2014 in Iran). He said that 27 of these companies had a market value each in excess of US$400 million. In 2010, the government reduced its participation in Iran Khodko and Saipa to about 20% but the deals were annulled the same year by the Iranian Privatization Organization. International sanctions, high inflation, exacerbated by fuel price hikes, and dampened consumer demand have depressed growth in the passenger car segment, but industrial growth coupled with infrastructural development is spurring demand in the commercial vehicles segment. The sanctions have also created difficulties for the imports of spare parts and increased the cost for car manufacturers. To make matters worse, the factory sale prices of cars, which are set by the government every year, have changed very little since 2006. Experts also believe that the removal of subsidies is likely to have an adverse impact on the profitability of the automotive sector until 2013. The sanctions imposed in 2013 hit exports particularly hard, which had doubled to about 50,000 cars between 2011 and 2012. This prompted IKCO to announce plans in October 2013 to begin selling 10 000 cars a year to the Russian Federation. Traditional export markets include Syria, Iraq, Algeria, Egypt, Sudan, Venezuela, Pakistan, Cameroon, Ghana, Senegal and Azerbaijan. According to a 2015-survey, car production in Iran will increase by 28% increase following the conclusion of the Joint Comprehensive Plan of Action. In 2015, the government made loans up to $7120 available for purchase of domestic cars (with an interest rate of between 16-18%). The payback period is a maximum seven years or 84 installments. See also International Rankings of Iran in Transportation Economy of Iran Transport in Iran Industry of Iran Sources References External links Iranian automobile industry - Brief study (2008) - Market share and production level by manufacturers, type of vehicle (cars, 4WDs, buses or trucks) Iran Auto, 69-page report, 2008 B.M.I: Iran Autos Report Q4 2011 (pictures) Iran Automotive Industry Report Rev 2015 Science and technology in Iran Iran