A Record-Breaking Year for Mexico's Automotive Industry
Mexican authorities have announced ambitious plans for its automotive sector as they are on track to produce and export a record number of passenger vehicles and pickup trucks in 2024. From January through November, the country's auto factories have produced an impressive 3.7 million units, marking a 5.6% increase compared to the same period last year, according to data from the National Institute of Statistics and Geography.
Dominance of Pickup Trucks
Interestingly, pickup trucks dominated production lines, constituting a notable 76% of the total vehicles manufactured in Mexican factories during these months. Additionally, the period witnessed the export of approximately 3.2 million units from these factories, a 6.5% increase year-over-year.
"These results confirm the beginning of a new stage of expansion for the automotive industry," stated the Mexican Association of the Automotive Industry.
Expansion Across Borders
The Mexican Association of the Automotive Industry (AMIA), based in Mexico City, is a pivotal institution representing the interests of international vehicle manufacturers in Mexico like Audi, BMW, FCA, Ford, GM, and more. Approximately 87% of cars produced in the country are exported, with a whopping 80% being shipped to the U.S.
In the month of November alone, production increased by 6.7% year-over-year to 351,535 units, while exports climbed to 289,309 vehicles, a 2.9% increase.
Industry Titans Leading Exports
General Motors (GM) was a key player, exporting 75,319 units in November, marking an 8% year-over-year increase. GM operates three major production complexes in Mexico in cities such as Ramos Arizpe, Silao, and San Luis Potosi, which manufacture highly popular models including the Chevy Blazer and Silverado.
On the other hand, Nissan recorded a staggering export of 37,390 passenger vehicles in November, showing a remarkable 40% surge from last year. This Japanese manufacturer has two factories in Mexico producing models like the Sentra and Kicks.
Continuing the trend, Toyota exported 26,905 units during the same period, marking a 46% year-over-year gain. The Japanese firm manufactures the Tacoma pickup truck and the Corolla sedan in Mexico.
Mexico's automotive industry is clearly on a path of expansion, setting the stage for a potentially record-breaking year in 2024.