The Mexican Association of Automotive Distributors (AMDA), which represents thousands of new vehicle distributors in the country, predicted annual increases of 25.0 and 7.9 percent in vehicle sales in Mexico for 2023 and 2024, respectively.
“We have a very strong year-end estimate and a good start to 2024,” AMDA executive president Guillermo Rosales said at a press conference.
For December of the current year, AMDA forecast sales of 149,524 units, a volume that represents a year-over-year increase of 21.3 percent. Thus, all of 2023 would record the sale of 1.37 million units, 25.0 percent more than last year.
For 2024, Rosales forecast sales of 1.48 million vehicles, a volume that represents an annual increase of 7.9 percent over the 2023 estimate.
The automotive industry is one of the largest consumers of steel in Mexico, according to the National Chamber of the Iron and Steel Industry (Canacero).
Forecasts for 2023 were made with estimates of a 3.2 percent increase in GDP and a 1.9 percent rise for 2024. Expected inflation is 4.1 and 4.0 percent, respectively.