National vehicle sales reach levels not seen since 2017

In October, the automobile industry in Mexico recovered from the slump it fell into in September, by selling 122,051 light vehicles, an advance of 7.03 percent compared to the same month in 2023, according to data from the National Institute of Statistics and Geography (Inegi). .

According to the progress of sales to the public in the domestic market of the Administrative Registry of the Automotive Industry of Light Vehicles (Raiavl), the commercialization of light units in the country recovered in October, after the 1.45 percent annual decline in September , and was the highest for a tenth month of the year since 2017.

Meanwhile, Inegi specified that after the 8.7 percent monthly drop in September, the sale of light vehicles partially recovered in October, increasing 4.73 percent monthly.

With information from 23 companies affiliated with the Mexican Association of the Automotive Industry (AMIA), Autos Orientales Picacho, Giant Motors Latinoamérica and Great Wall Motor México, Inegi specified that in the first 10 months of 2024, one million 201 thousand 460 units were sold. , an advance of 10.17 percent annually. This accumulation was the best for a similar period since 2017, when one million 233 thousand 985 units were placed.

Greater competition due to the arrival of new companies and the recovery of traditional brands, in addition to better financing conditions, have favored greater vehicle consumption in Mexico.

The Mexican economy showed a slowdown during the first half of 2024; However, for the third quarter the growth surprised economic agents and another slowdown is expected for the final stretch of the year.

Thus, car sales have begun to slow down, after stabilization. At the beginning of the year, double-digit increases were observed and in the second half they will be single digits, commented Guillermo Rosales, president of the Mexican Association of Automotive Distributors.