President Sheinbaum introducing the domestically produced EV "Olinia" (Source:Gobierno de México)

  Vehicle sales in Mexico for the full year 2024 were approximately 1.5 million units, up 9.8% year-over-year (y/y), marking the fourth consecutive year of market expansion. However, Mexico's economy, which showed significant growth in 2023, slowed significantly in the second half of 2024, and sales growth was not as strong as the previous year.

  Automakers mainly meet domestic demand in Mexico with vehicles imported cars from China, South America, India, and other countries, and imports account for 66% of total sales. In particular, Chinese-made cars continue to increase, exceeding 30% of imported cars and 20% of total sales in 2024.

  By segment, demand for SUVs and pickup trucks is gradually expanding, and companies are continuing to strengthen their offerings to meet this demand.

  In terms of market share by manufacturer, Nissan and GM remain in first and second place, and in 2024, most automakers increased their sales volumes in line with market expansion, with Toyota and Mazda recording record sales in Mexico. Chinese OEMs, showing a notable increase in strength, have been entering the Mexican market and expanding their model lineup one after another since around 2021, and by 2024 they accounted for 10% of the market share. Many Chinese brands are offering electric vehicles, including battery EVs, in a wide range of segments from sedans to pickup trucks.

  Claudia Sheinbaum, who became the President of Mexico last October, has set a policy of strengthening domestic investment to strengthen industry, and as one of these measures, she announced a plan to manufacture and sell purely domestic EVs.

  Mexico, located in the North American economic zone, has shown economic growth and the accompanying expansion of automobile demand in recent years, but at the same time, it also faces instability that is greatly influenced by the U.S. economy and geopolitical movements. This report is the first part of a series on the latest situation of the Mexican automobile market and industry, and introduces the domestic sales situation and each company's market strategy.

Related reports:
Mexico: Chinese vehicles account for 30% of imports and 20% of sales (Jun. 2024)
Business Trends of Chinese Parts Suppliers in Mexico (May. 2024)
Chinese OEM Overseas Expansion Activities: SAIC, Chery, Dongfeng, Changan (Jun. 2023)
Chinese OEM Overseas Expansion Activities: BYD, Geely, Great Wall, NIO, Xpeng (Apr. 2023)