Financial Tribune - After carmaker Iran Khodro jacked up prices twice over the past few weeks, its archrival SAIPA apparently did not waste precious time! The second biggest carmaker raised the price of three models from 24 to 80% over the weekend.

According to price lists published on saipacorp.com, the price tag for SAIPA 151, a small pickup has increased 23.5%, reaching 289 million rials ($2,750) from 234 million rials ($2,220).

SAIPA’s Pride — based on a Kia Motor hatchback from the 1980s — is the cheapest car made in Iran and comes in various versions. The best-selling is the small SAIPA 131 which is sold for 229 million rials ($2,180). The price of this automobile is also expected to increase in the coming days.