Mexico Sets Auto Production Record in 2024, Surpassing 2017

Mexico's automotive sector reached historic milestones in 2024, producing nearly 4 million light vehicles and breaking records for both production and exports. According to INEGI, the country produced 3,989,403 light vehicles, surpassing the previous record of 3,933,154 units set in 2017. This figure represents a 5.6% increase compared to 2023.

Vehicle exports also hit a new high, with Mexico exporting 3,479,086 units in 2024, exceeding the previous record of 3,451,157 units set in 2018. This 5.4% year-over-year growth cements Mexico's position as a major global exporter, particularly to its largest trade partner, the United States.

"The data confirms the strength of the Mexican automotive industry, which continues to establish itself as a key international player in light vehicle production and exports. This performance underscores the industry's strategic role in the national economy, contributing significantly to GDP and serving as a major source of well-paid jobs and foreign direct investment," said Rogelio Garza, President, Mexican Automotive Industry Association (AMIA).

The United States remains the dominant destination for Mexican-made vehicles, accounting for 80% of total exports. Notably, 18% of the vehicles sold in the United States are manufactured in Mexico, highlighting the strong trade relationship between the two countries. North American automakers continue to drive production in Mexico, underscoring the region's integrated supply chains and collaboration.

General Motors maintained its position as Mexico's leading vehicle producer, manufacturing 889,072 units in 2024, including electric models. This represents a 23% increase compared to 2023, further solidifying GM's significant presence in the country. Other major automakers, such as Stellantis and Toyota, also contributed to Mexico's growing production of electric and hybrid vehicles, reflecting the country's increasing role in the transition to cleaner mobility solutions.

Despite these achievements, the domestic auto market fell slightly below expectations. INEGI reported that 1,496,806 vehicles were sold in Mexico in 2024, marking a 9.8% increase compared to 2023 and the third-highest sales volume in the country’s history. However, this figure was slightly below the forecasted 1.5 million units.