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Car sales in Mexico continue to climb, with best May in 7 years
Car dealerships in Mexico experienced their best May in seven years, with nearly 120,000 new light vehicles sold. Data from INEGI shows a 12.35% increase in car sales compared to last year. The strong sales are attributed to factors like Mother’s Day celebrations and accessible financing options. The AMDA predicts a total of 1.5 million vehicles will be sold in Mexico this year, close to the all-time high in 2016. Nissan led the market in the first five months, followed by General Motors, Volkswagen, Toyota, and Kia. Chinese automakers like Chirey and MG Motor saw declines, while JAC and Motornation reported increases in sales.
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Car sales in Mexico have seen a significant uptick recently, with the best May in seven years recorded last month. According to official data from the National Institute of Statistics and Geography (INEGI), nearly 120,000 new light vehicles were sold in May, marking a 12.35% increase compared to the same month last year. This surge in sales comes on the heels of a strong start to the year, with new car sales in Mexico climbing nearly 13% in the first five months of 2024 compared to the same period in 2023.
The automotive sector in Mexico has shown remarkable resilience, bouncing back from the pandemic-induced downturn in new car sales. Guillermo Rosales, president of the Mexican Association of Automotive Distributors (AMDA), expressed optimism about the industry’s recovery, noting that the celebration of Mother’s Day in May likely contributed to the robust sales numbers.
Looking ahead, the AMDA is forecasting that around 1.5 million light vehicles will be sold in Mexico this year, nearing the all-time high of 1.6 million recorded in 2016. Rosales highlighted that inflation for cars remains low, around 2%, compared to the headline inflation rate of 4.69% in May. He credited the influx of Chinese brands for increasing competition in the market and helping to keep prices down. Additionally, favorable financing terms have made purchasing new cars more accessible for many buyers.
Nissan emerged as the market leader in Mexico in the first five months of the year, accounting for 17.2% of total vehicle sales. General Motors, Volkswagen, Toyota, and Kia followed closely behind in terms of sales volume. These top five automakers, all with manufacturing plants in Mexico, collectively represented over 55% of all new cars purchased in the country between January and May.
Several automakers experienced significant year-over-year increases in sales, with Porsche leading the pack with a 52.6% jump in sales. Isuzu, Honda, Ford, and Mitsubishi also posted strong sales growth during the same period. On the other hand, sales of Chinese cars in Mexico showed a mixed performance, with some brands experiencing declines while others saw increases in units sold.
Despite the challenges posed by the pandemic, the Mexican automotive market continues to show resilience and adaptability. With evolving consumer preferences, increased competition, and favorable market conditions, the outlook for the industry remains positive. As car sales in Mexico continue to climb, industry players are poised to capitalize on this momentum and drive further growth in the months to come.
Sources:
– INEGI report
– El Economista
– Milenio
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