New Car Sales in Mexico Surge by 24.5% in October

The sale of new cars in Mexico experienced a 24.5% increase in October, marking an upswing in the automotive industry. According to industry data, from January to October 2023, the sector saw a substantial boost.

According to figures released by the Mexican Association of the Automotive Industry (AMIA) and the Mexican Association of Automobile Distributors (AMDA), the sale of new cars from January to October this year showed a 24.5% increase when compared to the same period in 2022, with 1,088,102 new cars sold.

In October alone, 112,261 new vehicles were commercialized, an increase of 21.2% compared to the number of units sold in October 2022, underscoring the continued growth in consumer demand.

The recent data release has provided insights into the industry's performance, and Guillermo Rosales, the executive president of AMDA, commented on the findings. He noted, "With these figures, the light vehicle market in October was lower than the estimate by AMDA, which was set at 121,188 units. The estimated figure had a percentage difference of -7.4% compared to the preliminary figure of 112,261 units." This commentary highlights the importance of staying vigilant and adaptable within the ever-changing automotive market.

Nevertheless, Rosales also pointed out that the reported figures currently do not include the results of the Mitsubishi brand, and it is expected that the gap between the preliminary result and the industry's estimate will narrow as more data becomes available. These adjustments may provide a more accurate representation of the market's health.

In a broader context, the cumulative sales from January to October 2023 are now 2.4% above the sales levels recorded in 2019, indicating that the Mexican automotive sector has not only recovered but is on a growth trajectory. 

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