Mexico Cars Market kept momentum in 2023. Sales reached 1.36 million (+25.4%), third growth in a row and third highest level ever. Nissan consolidated the leadership booming 42.2%.
Market Trend and Outlook
After the global crisis unleashed by the Covid-19 pandemic, Mexico has sustained an annual economic growth of between 3% and 4%. The year 2023 marks the third consecutive year that Mexico’s economic growth has outpaced market analysts’ early-year forecasts. Looking ahead to 2024, the economic outlook remains cautiously positive.
This vigorous growth largely stems from a set of supply-side public policies launched at the onset of President López Obrador’s administration. These policies, including comprehensive labor reforms and strategic financial management, have cultivated an environment conducive to investment, resulting in a robust labor market and a marked increase in both public and private investments.
The fiscal strategy of the current administration has successfully kept the country’s debt-to-GDP ratio at a low level by international standards, enhancing Mexico’s appeal to global investors. Simultaneously, this administration has broken with the economic dogma that social spending and public investment are inversely related, managing to boost both while keeping debt levels stable.
This strong momentum is evident in the Mexican vehicle market, with sales in 2023 reaching 1.36 units (+25.4%), completing a perfect positive year. December reports the 20th consecutive positive month with 142,959 new sales, while being up 18.3%.
Looking at cumulative data up to December 2023 brand-wise, the first two spots remain unchanged, with Nissan in 1st at 241,056 sales (+42.7%) and Chevrolet in 2nd at 172,965 (+11.4%), while Volkswagen rises 2 spots into 3rd with 113,975 registrations (+32.6%).
Toyota falls 1 spot into 4th position with 104,113 sales (+8.0%), followed by Kia which also loses 1 place with 93,490 sales (+4.9%), Mazda at 76,017 (+57.5%), MG with 60,128 registrations (+25.0%) and Hyundai with 49,757 units sold (+20.3%).
Ford loses one spot ranking in 9th with 47,968 sales (+16.0%) and Renault -up 1 spot- closes the Top 10 with 43,779 units sold (+19.6%).
Looking at specific models the Nissan Versa -up 1 spot- is the market’s best seller, with a 60.1% year-on-year increase in sales, followed by the Nissan NP300 up 53.1% and 1 spot.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 models.
