With the recent announcements that Mexico is preparing to receive more foreign investment at its automotive industry, the country has emerged as the largest car producer in Latin America, media reports said this week.
Mexico has surpassed Brazil in auto production, reports said, citing Toyota’s announcement last week for the construction of an auto plant in Guanajuato. Ford said it would expand its Chihuahua plant and build another, while Nissan, Honda, Mazda, BMW and Audi have also announced investments.
Mexican car plants increased their production by 9.6 percent in the first quarter of this year, while Brazilian automakers reduced their output 16.2 percent.
Reports attributed Mexico’s leading position in the automotive industry to the ongoing energy reform as well as to expectations of a 3.5 to 5 percent growth in the nation’s economy.