Mexico auto sales dropped in October less than previously reported, revised data shows
Revised figures indicate that the decline in auto sales in Mexico during last October was of 4.9%, a figure lower than the 6.4% previously reported by the National Institute of Statistics and Geography (Inegi).
Earlier this week it was reported that the deliveries of new cars in the Mexican market were of 115,362 units. However, this figure did not include the data of the Seat brand, which had problems reporting its sales to Inegi in a timely manner.
Adding the 1,963 vehicles that the Spanish subsidiary of Volkswagen sold last month in Mexico results in a total of 117,325 units. This figure is still lower than the 123,318 vehicles sold by Mexican auto dealers in October 2017.
As expected, sales from January through October were also revised to 1,145,704 units up from the 1,143,741 vehicles previously reported. When compared with the 1,230,166 vehicles sold in the same period of 2017, the decline in sales finally results in 6.9%, instead of the 7% from the previous calculation.
Guillermo Prieto, Executive President of the Mexican Auto Dealers Association, participated today in the Mexico’s Auto Industry Summit, organized by MexicoNow. During his presentation called “Challenges for Mexico’s Automotive Domestic Market” the official said that 6.9% “is a relevant fall, but not yet so worrisome.”
“The sale of light vehicles is very sensitive to the economy and is a volatile industry. If the economy does not grow or there is uncertainty, the market reacts,” he added. The leader of the car dealers was optimistic that the sales will improve during November and December, with which the total sales will close 2018 with a decline of 5%.