Mexico’s auto industry is on the brink of a major achievement in 2024, aiming to produce about 4 million light vehicles.
Hybrid and electric vehicle manufacturing significantly fuels this milestone’s rise.
The Mexican Association of the Automotive Industry (AMIA) forecasts this growth, pointing to a strong industry rebound and expansion.
Exports are also expected to surge, reaching between 3 and 3.5 million units.
The start of 2024 showed promising growth, with vehicle production up by 9.5% and exports increasing by 6.8% from the previous year.
This surge is supported by major automakers like Nissan, Volkswagen, BMW, Honda, and Ford Motor, showcasing the industry’s manufacturing strength.
Despite strikes affecting Toyota, Kia, Audi, Mexico’s auto industry maintains high capacity utilization, signaling strong operational momentum.
Mexico’s auto sector swiftly rebounds from COVID-19 and semiconductor shortages, showcasing remarkable resilience.
By 2023, sector surpasses pre-pandemic growth in production, exports, and domestic sales.
The auto sector contributes nearly 4% to Mexico’s GDP and over 20% to manufacturing GDP.
The auto industry is vital for economic development and global supply chains, especially with electric vehicle demand.
January 2024 shows the best performance since 2005, signaling a solid return to pre-pandemic levels.
Mexico’s auto sector thrives, exporting to US, Canada, Germany, signaling resilience and sustainability shift in global markets.