Mexican Automakers Maintain Record High
Published By : 07 Oct 2014 | Published By : QYRESEARCH
Mexico’s manufacturing expansion plans are bearing fruit, with its auto industry setting a record number of cars and light trucks produced and exported in September. The auto industry continues to be the leading one in Mexico’s current expansion plans.
The Mexican Auto Industry Association said on Monday that Mexico produced 267,674 vehicles in September, which is an 11% increase from their previous year’s numbers, making it the best September on record.
Exports of cars increased by 2% to 220,239 units, most of which were large shipments to Canada. Canadian imports of Mexican vehicles doubled to 25,625 units. Despite the exports to the U.S. losing 0.2% in September from the previous year, the country still remains the largest importer of Mexican vehicles.
New car sales on the domestic front witnessed a second successive month of growth, rising up by 14% from the previous year to 80,116 units.
Mexico is currently the fourth-largest automobile exporter in the world. It recently overtook Brazil as the seventh-largest vehicle producer in the world. Brazil meanwhile continues to suffer from a sharp economic slump. I.H.S., a research firm, predicts Brazil to regain its spot by next year, but Mexico will overtake them again in the coming years.
The auto industry in Mexico has received a huge boost in production from foreign auto makers, who have established major investments due to the country’s proximity to the U.S. The major companies plan to initiate new assembly lines or expand ones that already exist. The most recent proposition was laid by Kia Motors, which plans to build a $1.5 billion assembly plant in Mexico close to the U.S. border.