Record-Breaking Auto Exports Drive Surge in Production

The Mexican automotive industry experienced unprecedented growth in exports in February, as reported by the National Institute of Statistics and Geography (INEGI). This surge, the highest in 12 years, was primarily fueled by robust demand from the United States, Mexico’s leading export market.

In February 2024, affiliated automakers of the Mexican Association of the Automotive Industry (AMIA) exported 282,608 vehicles, 52,124 units more than during the same month in the previous year. Key players such as Ford, General Motors, Honda, BMW, and Nissan contributed to this growth.

"The significant performance we are witnessing is linked to the recovery of the markets we export to, particularly the United States. Its internal market recovery translates to increased export and production opportunities for us," says Odracir Barquera, General Director, AMIA.

General Motors led in export volumes, sending 68,949 vehicles abroad, a 35.9% year over year increase. It was followed by Nissan with 41,632 units (30.1% increase) and Ford with 32,595 units (61.4% increase). Barquera highlights that 90% of all exports until February targeted the United States, Canada, and Germany. The automotive industry closed 2023 with a trade surplus of nearly US$108 billion. 

Simultaneously, vehicle production in February rose by 7.7%, reaching 318,735 units. Despite a 66.3% decline in Audi's production due to a recent strike, the industry recorded an 8.6% growth in the first two months of 2024, producing a total of 625,804 units.

Armando Cortés, Director General, National Automotive Parts Industry (INA), anticipates over US$2.3 billion in foreign investments this year due to supply chain restoration, nearshoring initiatives, and growing demand for EVs in Mexico. Light vehicle sales also surged in February, as reported by MBN.