News

Mexico’s Auto Industry Sees 14% Increase in Production

1 Mins read

In a positive sign of recovery, Mexico’s auto industry produced 3.78 million cars and light trucks in 2023, marking a 14% increase compared to the previous year. According to the National Statistics Institute, this brings production levels close to pre-pandemic figures.

December Numbers Show Slight Decline in Production, Higher Exports and Sales

December saw a slight decline in vehicle production, with a 9.9% drop compared to the same month in the previous year, resulting in 215,923 units produced. However, exports during the same period rose by an impressive 16%, reaching 282,316 units. Domestic new-car sales, which include imported models, also saw a significant increase of 16% compared to December 2022, with a total of 142,959 units sold.

Overall Export and Sales Figures for the Year

For the full year, Mexico’s auto exports experienced a solid growth of 15%, with a total of 3.3 million units exported. Domestically, new-car sales showed an even more remarkable increase of 24%, reaching 1.36 million units sold.

Recovering from Setbacks

Last year’s total vehicle production came close to matching the pre-pandemic levels of 2019, with a total of 3.81 million units produced. However, temporary factory shutdowns in 2020 as a result of the pandemic caused a decline in output. The industry was further impacted in 2021 by a global shortage of semiconductors. Despite these setbacks, Mexico remains the seventh largest maker of light vehicles and the fifth largest exporter in the world.

Importance of Mexico’s Auto Industry

Mexico’s auto industry, including auto parts, is a crucial component of the country’s manufacturing sector, accounting for approximately 18% of the overall manufacturing output. Additionally, it contributes to a third of Mexico’s manufactured exports.

It is clear that Mexico’s automotive sector is on a path to recovery, demonstrating resilience and adaptability even in the face of challenges.

Related posts
News

Banking Regulations for Preventing Failures

2 Mins read
Banking regulators have the power to prevent future bank collapses, according to a panel of banking experts who emphasized the importance of…
News

Dave's Strong Q4 Performance

1 Mins read
Shares of Dave surged on Tuesday following the digital bank’s announcement of a profitable fourth quarter earlier than expected, with a positive…
News

DaVita Expands in Latin America

1 Mins read
Shares of DaVita reached record levels as the kidney care services company announced its significant expansion into Latin America through a $300…

Leave a Reply

Your email address will not be published. Required fields are marked *

17 + = 23