Mexican Car Sales Hit a High Note in August, Surpassing Recent Years

August 2024 marked a milestone for Mexico’s automobile industry, with sales of 127,684 new light vehicles.

This 11.9% increase from August 2023 extended a growth streak to 28 months, securing this period as the second highest for sales since August 2016’s record of 134,388 vehicles.

From January through August 2024, vehicle registrations rose 12.2% to 962,870. This year now ranks as the third highest in history, following only 2017 and 2016, data from the National Institute of Geography and Statistics (INEGI) reveals.

The August report highlighted the entry of Chinese automaker Jetour, which started sales in Mexico in June 2023. Since then, Jetour has sold 2,065 cars.

The addition of Jetour and other Chinese brands has led to calls for transparent reporting of sales data, aimed at fostering fair competition in the market.

Despite the market’s overall growth, individual automakers had mixed results. Nissan led with 21,539 new vehicles registered, though this was a modest increase of 1.7%.

Resilient Auto Market

General Motors followed with 18,156 vehicles, showing an 11% rise. Volkswagen, Toyota, and KIA also reported significant increases, with Toyota notably boosting its sales by 41.3%.

For the year to date, Mazda, Volkswagen, and Ford stood out with sales increases of 32.1%, 23.5%, and 20.7%, respectively.

These figures highlight a resilient auto market, even though private consumption has cooled. Private consumption grew by 3.6% in the first half of the year, down from 5.4% in the same period of 2023.

This robust growth in car sales, despite broader economic slowdowns, underscores the dynamic and crucial role of the automotive sector in the national economy.

The industry’s momentum during fluctuating economic conditions highlights its importance and resilience. This trend mirrors the broader challenges and changes within Mexico’s evolving economic landscape.