Vehicle production in Mexico increased 4.9 percent in May, year-over-year, to 365,574 units, a volume that represents a historical maximum for the months of May of each year. During the month, nine of the 13 assembly companies in the country increased their production, with Volkswagen standing out with an increase of 51.7 percent, according to SteelOrbis analysis of data from the national statistics agency Inegi.
May was the fifth consecutive month with production above 300 thousand units per month. In the last 42 months (since December 2019), that production volume has only been exceeded 15 times and five of them are in 2024.
Of the total production, 67.8 percent was concentrated in five vehicle manufacturers: Volkswagen with 9.2 percent, Ford Motor 11.3 percent, Stellantis (Fiat, Chrysler and PSA) 11.4 percent, Nissan 16.7 percent and the market leader General Motors with 19.3 percent.
The winners in May were Volkswagen, which increased its market share in production by 285 basis points to 9.2 percent, Mazda gained 77 basis points to reach 5.1 percent and Honda gained 64 basis points to 4.9 percent.
In contrast, those that lost the most were Toyota with 143 basis points at 6.5 percent, BMW Group lost 87 basis points at 2.6 percent and Audi lost 59 basis points at 4.8 percent.
In exports, a new historical record was also achieved in May, considering only the fifth month of each year. This month, 310,665 units were shipped, 13.0 percent more, year-over-year. It is the first time, after six months, that it exceeded the goal of 300 thousand units per month.
In the last 47 months (since July 2019), only three times 300 thousand of exports have been exceeded, in September and October 2023 and in May of this year.
Of the total exports in May, five companies contributed 70.0 percent: General Motors continues to be the export leader with 27.6 percent of the total, followed by Ford Motor with 13.1 percent, Stellantis with 10.8 percent, Nissan with 10.6 percent and Volkswagen with 7.9 percent of the total.
In the accumulated January-May period, production totaled 1.65 million units, 5.5 percent more compared to the same period in 2023. Exports totaled 1.43 million units, 12.3 percent more.
The automotive industry is the second largest consumer of steel in Mexico, only surpassed by the construction industry, according to data from the Mexican Chamber of the Iron and Steel Industry (Canacero).