The production of light vehicles in Mexico increased 14.2% at a year-over-year rate in 2023, reaching 3 million 779,234 units, Inegi informed this Tuesday.
By production volume, General Motors led the ranking with 722,631 units, followed by Nissan (615,751 units), Stellantis (467,542 units) and Ford Motor (365,365 units).
Mexico’s automotive industry is one of the most modern in Mexico, is comprised of several of the largest international automotive companies and has grown in recent decades, driven mainly by exports to the United States, although it has also diversified geographically in its foreign shipments.
Other major producers in Mexico during 2023 were: Volkswagen (349,227 units), Kia (256,000 units), Toyota (250,015 units) and Mazda (202,506 units).
Light vehicles
The Mexican automotive industry is also highly integrated into global value chains, although its production chains are largely based in the United States and Canada.
In terms of the most dynamic performances in 2023 in light vehicle production, BMW had the highest year-on-year growth rate (85.1%), ahead of Nissan (57.5%), Mazda (36.7%), Honda (32.4%) and JAC (31.9%).
World
Since 2020, the automotive industry has experienced a decline in global production volumes.
Although industrial production has recovered modestly and is expected to return to pre-pandemic 2019 levels in 2023, industrial production remains below 2017 peak levels.
In addition, the global economy, as well as the automotive industry, have been influenced directly and indirectly by macroeconomic events that have resulted in unfavorable conditions, including shortages of semiconductor chips and other components, elevated levels of inflation, higher interest rates, and labor and energy shortages in certain markets.
Beginning in the third quarter of 2023 and continuing through the fourth quarter, the automotive industry was also impacted by labor strikes and related disruptions at certain U.S. facilities.
According to Lear Corporation, these factors, among others, continue to affect consumer demand, as well as the ability of automakers to produce vehicles to meet demand.