The World is Changing: 25% of Cars Sold in Mexico Come from China
Twenty-five percent of all cars sold in Mexico come from China. The world is changing." -- Ford CEO Farley publicly pointed out.
According to data released by the Mexican Bureau of Statistics and the Mexican Automobile Circulation Enterprise Association on January 24, BYD, Jianghuai Automobile, Geely and other Chinese auto brands sold 129,329 vehicles in Mexico last year, a year-on-year surge of 63%; Its market share in Mexico reached 19.5%, a rapid increase from 6.4% in 2019. Looking back at a research report by Founder Securities, in 2021, Chinese car companies sold only 30,000 cars in Mexico, with a market share of only 3%.
In 2023, Chinese car companies have accounted for four of the TOP30 brands in Mexico's annual sales. Saic and Chery have strongly won 45% and 29% of the total market share of Chinese auto companies with sales of 60,000 and 38,000 units respectively. The SAIC MG 5 topped the sales list, selling 33,000 units in a year. In addition, Chery Omoda, Tigo4 and other models are also deeply loved by overseas consumers.
In 2023, China exported 415,000 cars to Mexico, while Chinese car companies sold 132,000 in Mexico, a difference of 283,000. It is estimated that about 68% of Chinese cars will be re-exported to other countries in North America
In addition, Mexico, as the world's seventh largest automobile manufacturer, is also one of the countries that benefit the most from the global supply chain, with mature, cheap labor and a good automotive supply chain network, and the Mexican government is open to new energy vehicles.
To sum up, for Chinese automobile enterprises, by laying out the Mexican market at this time, they can participate in the ecological establishment of their new energy industry chain more deeply or even in a leading role, and once Mexico becomes a new gathering point for the layout of the global new energy industry chain, Chinese automobile enterprises can continue to benefit and develop healthily.