Mexico 2023. Vehicle Market Continues 18 Month Uptrend In October (+24.8%)

The 2023 MG 5 EV
The 2023 MG 5 EV

Mexico Cars Market in October 2023 rises for the 18th month in a row, with 113,672 new sales (+24.8%). YTD figures at 1.10 million are up 25.3% from the previous year. Mazda surges 62.6% in year-on-year sales.

Market Trend and Outlook

The Mexican economy is in the midst of a broad-based expansion. Growth is expected to be 3.2 percent by the end of 2023, led by robust private consumption and investment, with notable strength in service sectors, construction, and auto production. This has led to record-low unemployment rates and record-high manufacturing capacity utilization rates. The authorities have commendably kept public debt in check. Monetary policy is rightly focused on bringing down inflation.

This strong momentum is evident in the Mexican Vehicle Market, with sales in October 2023 rising for the 18th month in a row and reaching  113,672 new monthly registrations (+24.8%). YTD figures at 1.10 million are up 25.3% from the previous year.

Looking at cumulative data up to October 2023 brand-wise, the first two spots remain unchanged, with Nissan in 1st at 194,357 sales (+47.5%) and Chevrolet in 2nd at 138,935 (+11.6%), while Volkswagen rises 1 spots into 3rd with 90,745 registrations (+23.8%).

Toyota falls 1 spot into 4th position with 83,009 sales (+9.2%), followed by Kia with 77,563 sales (+4.8%), Mazda -up 1 spot- at 60,106 (+62.6%), MG with 45,507 registrations (+19.8%) and Hyundai with 39,688 units sold (+16.5%).

Ford maintains 9th with 37,573 sales (+13.8%) and Renault  closes the Top 10 with 35,021 units sold (+26.6%).

Looking at specific models the Nissan Versa is the market’s best seller, with an 57.7% year-on-year increase in sales, followed by the Nissan NP300 up 62.4% and 1 spot.

Medium-Term Market Trend

The Mexican automotive industry grew uninterruptedly from 2010 to 2016 with sales booming from 803,263 in 2010 to the all-time high at 1,61 million in 2016. The trend reversed in 2017 falling for 3 years down to 1.32 million in 2019.

Covid-19 forced manufacturers and distributers to close down, causing the car market to drop 28% to 952,982 sales by the end of 2020.

After the pandemic the market recovered, growing 6% in 2021 back above the 1 million mark. 2022 grew another 7% to 1.09 million cumulative sales. Despite the market reporting increases in sales, lately the global industry has been confronting some big problems: firstly a disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and the Governments push towards Evs, an expensive alternative for many consumers if compared to ICE vehicles.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.

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