Vehicle production in Mexico rises almost 14% in the first half of 2023

MEXICO - Mexican vehicle production grew by almost 14% year-on-year in the first half of 2023, showing the recovery of the country's main industry, the National Institute of Statistics and Geography (Inegi) reported.

The manufacture of light vehicles in Mexico rose by 13.92 % from January to last June compared to the same period in 2022 to exceed 1.89 million units, Inegi detailed in its report.

"Light trucks accounted for 76.5% of the total produced, while the rest corresponded to the manufacture of vehicles," the autonomous agency specified.

Meanwhile, vehicle exports increased by 11.08 % year-on-year in the first six months of the year, totaling 1.56 million.

On the other hand, domestic sales of light vehicles in the first half of 2023 rebounded by 22.12 %, with 633,087 units sold nationwide.

Inegi's report detailed that, last June alone, car manufacturing in Mexico grew by 16.26% year-on-year, to a total of 331,707.

Meanwhile, vehicle exports in the sixth month of the year soared by 20.46%, up to 286,291 units.

Likewise, car sales in the domestic market rose by 25.66 % to 113,553 light vehicles.

The importance of the automotive industry for Mexico lies in the fact that it represents almost 4% of the national gross domestic product (GDP) and 20.5% of the manufacturing GDP, more than any other sector, according to the Mexican Automotive Industry Association (AMIA).