Sales of new vehicles in Mexico increased 24.8 percent, year-over-year, in March to 118,801 units, the fourth time that the level of 100,000 units per month has been exceeded in the last 37 months. It is the highest volume in the last 5 years for a third consecutive month, reveals a SteelOrbis analysis of data from national statistics agency Inegi.
The annual increase of 24.8 percent in March is the most dynamic in the last 23 years, for the same month, only surpassed by the 39.9 percent in March 2000. It is also the eleventh consecutive annual increase and is the third largest increase in the last 21 months (since July 2021).
In the first quarter, 315,126 units were sold, 24.4 percent more than in the same period of 2022. It is the first increase in the last six years. The most recent increase for the same period was in 2017 with 8.8 percent.
The INEGI information comes from the records of three companies and the Mexican Association of the Automotive Industry (AMIA), which brings together 22 vehicle assemblers.
The companies not affiliated with the AMIA are the Chinese companies Motornation (Changan, Beijing Automotive Group and Jiangling Motors Corporation), Chirey Motor (Chery Automobile) and the Mexican company that has billionaire Carlos Slim Helú as a partner in Giant Motors Latin America that manufactures the Chinese brands JAC Motors and First Automobile Works (FAW).