Mexico 2024. Vehicle Market Extends 4 Year Run As EV’s Near 1% Share

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Mexico Vehicles Market in 2024 continues 4 year positive streak growing 9.9% to 1.50 million sales. EV segment approaches 1% share as sales surge in triple-digits (205.3%).

Market Trend and Outlook

Mexico’s economy is expected to grow a modest 1.2% in 2024, as stagnation in the first half of the year weighed on overall performance. The labor market displayed clear signs of softening, with formal sector employment contracting at an annualized rate of 1.7% compared to 2023, a decline equivalent to 32,300 jobs.

Although manufacturing exports edged up 0.9%, they were offset by a steep 17.5% drop in oil exports. Household spending signalled ongoing weakness as the smoothed retail sales index fell 1.1% year over year.

CPI eased to an annual 4.21% in 2024, the lowest in nearly four years, as slowing agricultural prices offset increases in energy, consumer goods and services. The central bank cut its benchmark rate by 25 basis points in December to 10%, citing an improved inflation outlook, though risks remain tilted upward amid uncertainty over potential U.S. import tariffs.

Mexican EV sales surged for the third straight year, hitting 12,968 units in 2024, a 205.3% year-on-year jump. Despite the rapid growth, EVs account for less than 1% of the market, underscoring the challenges to mass adoption.

Volvo and Dodge posted triple-digit growth, cementing their dominance in Mexico’s EV segment and dethroning last year’s leader, JAC. Combined, the two brands accounted for over half of total EV sales, highlighting significant market concentration.

Although the Mexican economy underperformed in 2024, its vehicle market boasted a 9.9% growth as cumulative sales reached 1.50 million units. This trend was marked by 11 months of the year reporting positive performances.

Looking at cumulative data from 2024 brand-wise, the leader was still Nissan with 255,116 sales (+5.8%), followed by Chevrolet in 2nd at 192,136 (+11.1%) and Volkswagen with 138,181 registrations (+21.2%).

Toyota ranked in 4th with 121,968 sales (+17.1%), followed by Kia with 104,384 sales (+11.7%), Mazda at 99,797 (+31.3%), MG with 60,168 registrations (+0.1%) and Hyundai with 53,303 units sold (+7.1%).

Ford ranked in 9th with 52,359 sales (+9.2%) and Suzuki -up 3 spots- closed the Top 10 with 43,661 units sold (+16.8%).

Looking at specific models, reported in the dedicated article, the Nissan Versa was still the market’s best-seller, with a 21.3% year-on-year increase in sales, followed by the Nissan NP300 down 4.6%.

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 distributors 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.

In 2023 the market maintained momentum with sales reaching 1.36 million units (+25.4%), third growth in a row and third highest level ever.

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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