Mexico City. The motor industry in Mexico recovered from the slump into which it fell in September, by selling 122,051 light vehicles nationwide, which represented an advance of 7.03 percent compared to the same month in 2023, according to data from the National Institute of Statistics and Geography (Inegi).
According to the progress of sales to the public in the domestic market of the Administrative Registry of the Automotive Industry of Light Vehicles (Raiavl), sales of light vehicles nationwide registered a recovery in October, after the decline of 1.45 percent annually September, since its sales were the highest for a tenth month of the year since 2017.
Meanwhile, Inegi specified that after the 8.7 percent monthly drop in September, the sale of light vehicles in October partially recovered, increasing 4.73 percent monthly in October 2024.
The Inegi, with the information coming from 23 companies affiliated with the Mexican Association of the Automotive Industry (AMIA), Autos Orientales Picacho, Giant Motors Latinoamérica and Great Wall Motor México, specified that the growth in seven of the 10 months of 2024 supported the accumulated growth in vehicle sales so far this year.
In the first 10 months of 2024, one million 201,460 units were sold, which represented an increase of 10.17 percent annually. This accumulated sales for the year was the best since the same period in 2017 (one million 233 thousand 985 units).
The Mexican economy showed a slowdown during the first half of 2024. However, for the third quarter, the growth in productive activity surprised economic agents. For the final stretch of the year, a slowdown in the economy is expected again, but perhaps the boost in the third quarter of the year will give a boost to the automotive industry.
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