The automotive industry in Mexico expects in 2024 to break the record of 3.93 million vehicles manufactured in 2017, with the production of 4.1 million units next year, the general director of the Mexican Association of the Automotive Industry (AMIA) said at a press conference, Odracir Barquera.
The demand for conventional and electric vehicles in the United States, the main destination for Mexican production, will be the catalyst for vehicle manufacturers in the country, Barquera said.
The automotive forecast is beneficial for the economy in general, but mainly also for the steel industry because the automotive business is the second largest consumer of steel in the country, according to estimates by the National Chamber of the Iron and Steel Industry (Canacero ).
In 2023, vehicle production was 3.78 million units, 14.2 percent more than in 2022. This volume is the highest in the last four years, but below the 3.81 million in 2019, the 3.92 million in 2018 and the already mentioned historical record of 3.93 million from 2017.
The most recent public data from the International Organization of Motor Vehicle Manufacturers (OICA), from 2022, places Mexico as the seventh largest producer of vehicles, very close to Germany and South Korea.