New vehicle sales in the Mexican market increased 11.1 percent, year-over-year, in February to 113,258 units. This volume is the highest for the same month in the last seven years, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
The positive trend in the sale of new vehicles in Mexico began in May 2022 and as of February there are 22 consecutive months of growth. In addition, 10 consecutive months have accumulated with monthly sales above 100 units. In that period, the maximum was in December of last year with approximately 143 thousand units. The all-time high was in December 2016 with approximately 192,750 units.
Of the total volume sold, five companies accounted for 58.2 percent. Nissan contributed 16.2 percent of the total, followed by General Motors with 14.2 percent, Volkswagen 12.2 percent, Toyota with 8.5 percent, and KIA with 7.1 percent.
Of the large companies, the percentage increases of Toyota stood out with an increase of 31.9 percent, General Motors with 20.6 percent and Volkswagen increased 20.0 percent. In contrast, Nissan recorded a 5.6 percent drop in volume, losing 290 market basis points to lead the market with just 16.2 percent.
Market share winners in February were Volkswagen with 90 basis points to 12.2 percent, General Motors gained 110 basis points to 14.2 percent and Toyota gained 130 basis points to 8.5 percent market share.
In contrast, the losers were Chirey with 90 basis points to remain at 2.1 percent of the market, Stellantis (Fiat, Chrysler and PSA) lost 120 basis points to remain at 6.8 percent and the greatest market loss was in Nissan with 290 points base to remain at 16.2 percent of the retail sales market in Mexico.
In the first two months, 225,357 units were sold, 20,032 or 14.8 percent more compared to the same period in 2023.
The Inegi information comes from the records of 23 companies affiliated with the Mexican Association of the Automotive Industry (AMIA) and two other non-associated companies.