The Mexican automotive industry experienced a significant upturn in October, with light vehicle sales reaching 122,051 units. This 7% increase compared to the same period in 2023 marks the highest sales volume since 2017, according to INEGI data.
INEGI’s Administrative Registry of the Light Vehicle Automotive Industry (RAIAVL) reported that automakers sold 8,020 more light vehicles in October 2024 than in the same month of 2023.
This growth trajectory reflects the industry’s ongoing recovery. Several factors have contributed to the increased vehicle consumption in Mexico.
The entry of Chinese automakers has intensified competition, while traditional brands have regained their footing. Improved automotive financing conditions have also played a role in stimulating sales.
However, the industry’s growth rate has begun to slow down. After experiencing double-digit increases earlier in the year, the second half of 2024 has shown single-digit growth.
This shift suggests a stabilization in the automotive sector. Guillermo Rosales, president of the Mexican Association of Automotive Distributors (AMDA), noted a 4.7% increase in new light vehicle sales compared to September 2024.
October 2024 Automotive Sales
This represents an additional 5,508 units sold month-over-month. Chinese brand Great Wall Motor (GWM) reported a 1,484.9% growth in October 2024 compared to the same month in 2023, selling 1,474 units.
MG also gained ground, increasing sales by 7.9% with 5,408 units sold in October. Other Chinese brands like Jetour and Chirey continued to experience sales declines, albeit less pronounced at 15% compared to previous months’ 50% drops.
Rosales highlighted that some Chinese brands that entered the market over a year ago do not report their sales to INEGI. From January to October 2024, automakers sold 1,201,464 light vehicles, a 10.2% increase from the same period in 2023.
This represents an additional 110,891 units sold year-to-date. The market now stands 13.1% above pre-COVID-19 sales levels of 2019.
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