Mexico Auto Sales Surge 14.3%, Best November Since 2016

By Renée Lerma and Óscar Goytia

The Mexican automotive sector reported its highest November sales since 2016, with 147,971 units sold, according to the National Institute of Statistics and Geography (INEGI). 

This represents a 14.3% increase compared to the same period last year and an 18.6% growth over November 2019, the last pre-pandemic benchmark. From January to November 2024, cumulative sales reached 1,350,362 vehicles, reflecting a 10.7% increase year-over-year.

“The November figures exceeded our estimate of 144,258 units by 2.6%, showcasing resilience and market stabilization, supported by robust consumer demand and new brand entries,” said Guillermo Rosales, President, Mexican Association of Automotive Distributors (AMDA). 

Nissan led November sales with 25,893 units, a 16.7% year-over-year increase. General Motors followed with 18,224 units (up 9.2%), while Volkswagen sold 14,108 units (up 19.6%). "We are the second-largest brand in production volume in Mexico, but we produce the most for the local market," said Rodrigo Centeno, President and Director General, Nissan Mexico, in an interview with MBN.

“This year, we expect total sales to reach 1.5 million units, making 2024 the second-best year for the industry after 2016. The numbers demonstrate resilience despite high-interest-rates. Growth in the luxury segment, where Infiniti is gaining traction, reinforces our optimism” Centeno added.

Mazda experienced a sharp rise, selling 13,684 vehicles—a 59% year-over-year increase —while Toyota grew by 16% with 11,935 units sold.

Barbeyto, President, Mazda Mexico, also praised team efforts at the Salamanca plant. “Despite industry challenges, we achieved a 33% sales increase year-over-year. Our focus remains on exceeding customer expectations and sustaining growth momentum,” he said.

Chinese Brands Make Inroads

The entry of new Chinese brands such as Foton, GWM, and Jetour has bolstered market dynamics. Foton debuted with 319 units sold in November and 1,246 vehicles year-to-date. Chinese brands now represent approximately 11% of the Mexican market.

“From January to October, Chinese-origin brands contributed for 9.2% of total sales. Including non-reporting estimates, this figure likely reaches 11%,” noted Rosales.

Great Wall Motor reported the highest growth among automakers, with a 633% increase in November sales (1,423 units). Mitsubishi grew by 46% (2,515 units), and Kia reported a 24.7% increase.

However, not all brands experienced growth. Chirey saw a 34% decline in November sales and a 30.1% year-to-date decrease. Luxury brands also faced challenges, with Audi reporting a 37% drop and BMW and Acura declining by 7.4% and 22%, respectively.

The Push Toward Electrification

“We aim to remain competitive by offering value through pricing and cutting-edge technologies. The growing acceptance of electrified vehicles is a key driver of industry transformation,” said Edgar Carranza, CEO, Hyundai, in an interview with El Financiero.

The sector's recovery aligns with trends toward electrification and innovative production strategies. “Electrification has unlocked new opportunities, driving innovation and attracting consumers with advanced technologies,” said Rosales.