Mexican vehicle production grew by 13.54% year-on-year in the first three quarters of 2023which shows the recovery of the country’s main industry, the National Institute of Statistics and Geography (Inegi) reported this Friday.
Mexican plants assembled more than 2.85 million light vehicles from January to Septemberabout 340,000 more than in the same period of 2022, Inegi detailed in its report.
Light trucks represented 76.3% of the total produced, while the rest corresponded to automobile manufacturing,” the autonomous organization stated.
While vehicle exports increased by 14.22% year-on-year in the first nine months of the yeartotaling 2.42 million.
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On the other hand, the domestic sale of light vehicles in the first three quarters of 2023 rose by 24.94%, with 975,841 units sold nationwide.
Mexican cars in September
The Inegi report detailed that, just last September, Car manufacturing in Mexico grew 23.99% year-on-yearup to a total of 338,899.
Meanwhile, vehicle exports in the ninth month of the year shot up 15.99%, up to 301,341 units.
Likewise, car sales in the domestic market rose 35.6% to 118,038 light vehicles.
The automotive sector in Mexico
The importance of the automotive industry for Mexico lies in the fact that it represents almost 4% of the national gross domestic product (GDP) and 20.5% of manufacturing GDP, more than any other sector, according to the Mexican Association of the Automotive Industry (AMIA).
The Inegi information comes from 22 companies affiliated with the AMIA, Giant Motors Latinoamérica and Autos Orientales Picacho.
After two years of declines and shortages of inputs, Mexico’s automotive sector rebounded in 2022 with annual growth of 9.24% in production, 5.86% in exports and 7.03% in sales.
In 2020, vehicle production and exports fell by more than 20% amid the Covid-19 pandemic, which forced the closure of this industry during the first months of the outbreak.
While in 2021, manufacturing fell 2% annually due to the shortage of semiconductor chips, and exports rose just 0.94%.
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