Iran is banning imports of luxury vehicles under an order from President Masoud Pezeshkian, according to Iranian media reports. The decision also reflects concerns about foreign currency leaving the country.
The measure comes amid a deep economic crisis and growing public frustration over the cost of cars. Residents of major cities have reported seeing more luxury vehicles in affluent districts since US and Israeli forces began their war against Iran on February 28.
Chinese electric vehicles and sport-utility vehicles are also becoming more common on the streets of major cities. Some wealthy Iranians regard expensive cars as an investment, as used-car prices tend to remain relatively stable.
Cars remain beyond the reach of many people. Even small models cost more than $11,000, while average monthly pay is only a few hundred dollars. By contrast, petrol is exceptionally cheap in the oil-producing country, at a few cents per litre.