Automakers invest a record US$ 3.62 billion in Mexico during first half of 2017
Despite the uncertainty created by the renegotiation of NAFTA, foreign investments by automakers totaled the record figure of US$ 3.62 billion during the first half of 2017, according to a report by El Financiero, citing data from the Secretary of Economy.
Around 66% of those investments, representing US$ 2.4 billion, came from the United States. That figure represents an increase of 263% compared to the investment by U.S. automakers during the first half of 2016, which totaled US$ 912 million.
One of the biggest investments was made by FCA at its Toluca Assembly plant to build the new Jeep Compass, says the report, but it does not cite specific figures for that matter. However, data from PROMEXICO backs up that assumption.
According to official data, eight Mexican states received most of the Foreign Direct Investment (FDI) for the automotive industry during the first half of the year, including that from automakers and auto suppliers.
The State of Mexico, where the FCA Toluca plant is located, tops the list with US$ 1.66 billion followed by Guanajuato with US$ 1.02 billion. Nuevo Leon received US$ 911 million, Coahuila US$ 685 million and Aguascalientes US$ 654 million.
San Luis Potosi was the destination of US$ 618 million in new investments. The list is completed with Queretaro which received US$ 567 million and far behind is Puebla with US$ 183 million.