Chinese automaker SAIC Motor Corporation Limited (SAIC) will invest just over $1.0 billion in Mexico through its subsidiary MG Motors to assemble light vehicles for sale in the local market and export to Latin America, the company announced according to press reports.
The announcement of the investment was made by the president of MG Motor Mexico, Zhang Wei, although he did not specify the location of the plant and the start date of the assembly of units. The goal is to assemble 100,000 per year.
The main areas of investment will be $450 million in infrastructure and $500 million in equipment.
Industry data, seen by SteelOrbis, shows that MG Motors is already the eighth largest vehicle marketer in Mexico with a market share of 3.7 percent of the 1.2 million units sold from January to October 2024.
MG Motors in Mexico surpasses companies such as Hyundai, Ford, Suzuki, Honda, Renault, among others in market share.