Mexico's Auto Market Surges in November 2023

November 2023 was a standout month for car sales in Mexico, which witnessed a 31.9% increase year over year. This marks the fifth consecutive month in which the industry has surpassed pre-pandemic sales figures.

During the month, a total of 128,961 units of light vehicles were sold, according to data from INEGI’s Administrative Registry of the Light Vehicle Automotive Industry. This figure not only represents a significant surge compared to the same month in 2022 but also marks a 3.33% increase from November 2019. 

From January to November, cumulative sales amounted to 1.22 million units. This translates to a year-over-year increase of 25.28% compared to the same period in 2022. The industry expects to sell over 1.35 million units for the entire 2023.

During the 11-month period, Nissan secured its position at the forefront with a total of 216,542 units sold. Following closely is General Motors, which claimed the second spot with 164,377 units sold. Volkswagen held the third position with a total of 102,538 units sold. Toyota maintained its fourth-place standing in November, while Mazda ascended to the fifth position, displacing KIA to the sixth spot. MG Motor, Chrysler (Stellantis), Honda, and Hyundai round out the top ten.

Noteworthy performances include that by Chirey Motor (including Omoda), which sold 35,523 units within a little over a year of entering the Mexican market.

In the premium segment, BMW Group emerged as the leader for November 2023, boasting 2,003 units sold and a total of 13,787 units for the entire year. BMW's consistent performance throughout the year secures its position as the number one premium brand in sales. Audi followed as the second premium brand for November, registering 1,116 units sold and a cumulative 11,766 units for the year. Mercedes Benz closed the premium segment with 1,016 units sold in November and a total of 12,951 units from January to November.

The industry remains optimistic about the automotive sector's trajectory in Mexico, with the momentum suggesting a robust conclusion to the year.