Mexico's Automotive Industry Shows Promise for 2023
Starting on July 1, 2023, Brazil and Mexico will eliminate tariffs on heavy-vehicle trade as part of a bilateral economic agreement. Organizers of IAISS 2023 believe that Queretaro companies have the potential to meet the global automotive sector’s needs. In other news, the 2023 Honda Accord obtained the highest possible rating in six of the seven categories evaluated by the Insurance Institute for Highway Safety.
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Mexico, Brazil to Eliminate Tariffs on Heavy Vehicle Trade
Starting on July 1, 2023, Mexico and Brazil will eliminate tariffs on heavy-vehicle trade, as part of the Economic Complementation Agreement No. 55 (ACE 55) between the two countries. In 2019, Mexico and Brazil established a free-trade agreement focused on light vehicles and on building an open relationship in the exchange of auto parts. At Brazil’s request, the tariff reduction for heavy-duty vehicles was postponed from 2020 to 2023. In this regard, the following tariff reduction schedule was negotiated between the two countries: 20% from 2020 to 2021, 40% between 2021 and 2022, 70% from 2022 to 2023 and 100% as of July 1, 2023.
IAISS 2023: Boosting Mexico's Automotive Industry
With the International Automotive Industry Supply Summit Mexico 2023 (IAISS 2023) just three weeks away, authorities from Queretaro, along with INA, the Automotive Cluster of Queretaro and the Mexico Industry Supplier Chain (CAPIM), announced that the event has completely sold out.
2023 Honda Accord Earns Top Safety Pick+ Award
Honda announced that its 2023 Honda Accord earned the highest award granted by the Insurance Institute for Highway Safety (IIHS): the TOP SAFETY PICK+ (TSP+) 2023 rating. The 2023 Honda Accord obtained the highest possible rating from the Institute in six of the seven categories evaluated, explained Honda via a press release.
Hyundai Among the Leading Car Brands in Mexico
According to Hyundai's 1Q23 results, 10,782 units were sold, with the Grand i10 being the most in demand. Despite being a relatively new player with only nine years in the Mexican industry, the company highlighted that these results place it among the Top 10 automotive brands in the nation. Another important event in 1Q23 was the launch of hybrid versions of the Elantra and Tucson vehicles, which represent Hyundai's first global electrification effort. By 2045, the automaker intends to stop offering gasoline-powered models and will offer only lithium-ion and hydrogen-powered cars.
Toyota to Improve Sales in 2023
The Japanese company Toyota expects to recover its sales level of 100,000 units in Mexico in 2023. Toyota explained that with this goal, the company will approach its best level of 2018, when it sold 108,761 vehicles. The company said that 20% of these sales will be hybrid or electric vehicles.