Iranian carmakers manufactured 878,644 vehicles in the first 11 months of the current Iranian calendar year (March 21, 2015- February 19, 2016).

The country produced 96,508 vehicles in the Iranian eleventh month of Bahman(January 20-February 19), the Tasnim news agency reported on Sunday.

The carmakers manufactured 1.13 million vehicles in the past Iranian calendar year, which ended on March 20, 2015, showing 53 percent growth compared to its preceding year.

The automobile industry, the biggest non-oil sector of the Iranian economy, constituting around 10 percent of gross domestic product (GDP), boomed over the decade ending in 2011 due to government support and the dearth of international competitors in the domestic market.

Latest data shows that Iran ranks 18th on the list of the world’s top auto manufacturers.

In January 2016, following a report by the U.N. International Atomic Energy Agency (IAEA) certifying that Tehran has met all its obligations under the nuclear deal with world powers, most of the UN, U.S. and EU sanctions on Iran were lifted.

In the same month, PSA Peugeot Citroen and Iran’s largest carmaker, Iran-Khodro Company (IKCO) signed a joint venture agreement to produce latest-generation vehicles in Iran.

Based on the agreement between Peugeot and IKCO up to €400 million over the next five years will be invested in manufacturing cars in Iran, according to IKCO’s news website, and the investment will contribute to facilitate the development of a competitive manufacturing base for producing, launching and marketing Peugeot 208, 2008 and 301 models, fitted with latest-generation engines.

/tehrantimes /