Mexico produced 3.989 million units (cars and light commercial vehicles) in 2024, 5.6 percent more than in 2023, according to the local association of the auto industry, AMIA.
With the production of 2024, Mexico ranks now as fifth in world terms, behind China, the US, Japan, and India.
On a comparative basis, exports increased by 5.4 percent to 3.479 million units and domestic sales increased by 9.8 percent to 1.497 million units.
In terms of exports, Mexico also ranks as fifth, behind Germany, Japan, the US, and South Korea.
When considering the numbers from December 2024, production increased from December 2023 by 4.2 percent to 224,913 units, exports declined by 5.8 percent to 265,954 units, and domestic sales increased by 1.9 percent to 146,536 units.
The economic model of the Mexican auto industry is focused on exports, with 80 percent in average destined to the US market.
The recent announcement that the US government has plans to increase tax on imports of Mexican products has raised concerns about the profitability of the Mexican auto industry, as most of its production is designed to meet the US standards of technology.
