Mexico’s 2024 Auto Sales Rise 9.8%, Third-Best in History

The Mexican automotive market saw a 9.8% increase in vehicle sales in 2024, reaching a total of 1,496,806 units, according to the National Institute of Geography and Statistics (INEGI). Despite this growth, the final sales volume fell slightly below expectations, which had forecasted 1.5 million units. This marks the third-highest sales volume in the industry's history.

"December sales were lower than expected, with 146,365 vehicles sold, a 6% shortfall compared to the 155,679-unit estimate," said Guillermo Rosales, President, AMDA. However, December still marked a 1.9% increase over the same month in 2023. "The final sales for 2024 were 133,092 units higher than in 2023, representing a growth rate of 9.8%," he added.

According to INEGI’s Administrative Registry of the Automotive Industry of Light Vehicles (RAIAVL), 2024’s sales volume ranks as the third-largest in the history of the Mexican automotive industry, surpassed only by 2016 and 2017, which saw record sales. 

The industry had anticipated a slower pace of sales during the second half of the year but remained optimistic about the market’s strength. "Even though we saw a slight dip in December compared to November, the overall market remains resilient," Rosales noted.

The AMIA also commented on the market’s performance in 2024. AMIA members, including 23 companies and four non-affiliated firms, sold a total of 146,365 vehicles in December. While this figure was lower than projected, it represented a 12.2% increase compared to December 2019, when 130,460 vehicles were sold.

Nissan retained its position as the top seller in the Mexican market, with 255,116 units sold—a 5.8% increase from 2023—capturing a 17% market share. "We are selling 1.5 million vehicles in an environment where inflation is at 4.5% and interest rates have risen to 10.5%. This highlights the industry’s resilience," said Rodrigo Centeno, CEO, Nissan Mexico.

General Motors followed with 205,045 vehicles sold, reflecting an 11.4% year-over-year increase. Other leading brands, such as Volkswagen and Toyota, also recorded significant growth, with Toyota achieving a historic sales record. "2024 has been the best sales year in Toyota's history in Mexico," said Guillermo Díaz, President, Toyota Motor Sales and Lexus Mexico.

Conversely, some brands faced challenges. Chirey’s sales declined by 30.3%, while Renault experienced a 31.7% drop, underscoring struggles for certain international brands in the market.

The year also marked the rise of Chinese automakers, led by Great Wall Motor Mexico, which achieved a staggering 2,090.2% increase in sales. This growth contributed to the expansion of the electric and hybrid vehicle segments.

Toyota maintained its dominance in the hybrid market, selling 37,413 hybrid vehicles, which accounted for over 30% of its total sales for the year. Meanwhile, Volvo made significant strides in the electric vehicle segment, achieving a 33.4% increase in EV sales, solidifying its position as the leading premium electric vehicle brand in Mexico.