Vehicle production in Mexico grew 13.2 percent, year-over-year, in July, totaling 294,350 vehicles. Although it is the 15th consecutive annual increase, production was below 300,000 units per month and indicates a slowdown, according to a SteelOrbis analysis of data from national statistics agency Inegi.
The 13.2 percent annual increase in July is lower than the 16.3 percent increase in June and the 25.0 percent increase in May. In addition, in the last 32 months (since December 2020) the monthly production of 300,000 units has been exceeded only six times. In 2023, it was exceeded in March, May and June.
Five companies contributed 64.6 percent of production: Nissan (16.2 percent of the total), General Motors (15.5 percent), Ford Motor (11.6 percent), Volkswagen (10.7 percent) and Stellantis (10.6 percent). ). In July, Nissan stood out, which increased its production by 103 percent, and Ford, with an increase of 92 percent.
In the international market, the automotive industry in Mexico exported 275,765 vehicles, 31.2 percent more than in July last year. For 43 months, monthly exports have been below 300,000 units, as averaged in 2017, 2018 and 2019.
Five companies contributed 64.8 percent of total exports: General Motors 17.0 percent, Ford 13.8 percent, Nissan 12.3 percent, Stellantis 11.1 percent, and Volkswagen 10.6 percent. In July, Ford and Nissan stood out, increasing their exports by 175 and 125 percent, respectively.
Accumulated production in the first semester was 2.19 million vehicles and exports 1.84 million units, figures that represent annualized increases of 13.8 and 13.7 percent, respectively.