The Mexican automotive industry experienced a slowdown in September 2024. New light vehicle sales dropped to 116,543 units, marking a 1.4% decrease from September 2023.
This decline represents the first fall for September since 2021, according to INEGI‘s recent report. INEGI’s administrative records reveal a concerning trend in the industry.
Seventeen out of thirty-one reporting brands saw double-digit decreases in sales. Even market leaders Nissan and General Motors faced significant setbacks.
Guillermo Rosales, president of AMDA, offered insights into the situation. He suggested that previous months had exceeded expectations, leading to a current demand adjustment.
Rosales also pointed to Chinese competition as a potential market disruptor. Compared to August 2024, September’s sales fell by 11,141 units, an 8.7% decrease.
This drop follows August’s surprisingly high figures, which prompted annual sales adjustments. Despite the recent dip, the year-to-date figures remain positive.
From January to September 2024, light vehicle sales reached 1,079,413 units. This number represents a 10.5% increase from the same period in 2023, which saw 976,542 units sold.
The upward trend indicates sustained consumer interest in car purchases. AMDA maintains an optimistic outlook for the year’s end. They project total sales of 1.52 million vehicles by the close of 2024.
This forecast is bolstered by the current year-to-date increase of 102,871 units compared to the previous year. The September slowdown serves as a reminder of the automotive market’s volatility.
While overall trends remain positive, individual months can deviate from expectations. Industry leaders continue to monitor these fluctuations closely as they navigate the evolving landscape of Mexico’s automotive sector.
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