Mexico: light vehicle production growth rate 2020-2029

In 2020, light vehicle production in Mexico sank by over 21.05 percent, as the production volume went from roughly 3.8 million light vehicles produced in 2019 to about three million units the next year. The country's light vehicle output remained stable in 2021, and was expected to grow by some 13.3 percent more the next year.

A bumpy ride

With the spread of the novel coronavirus pandemic and as a consequence of the measures taken for its mitigation, light vehicle production in Mexico fell to its lowest levels in April 2020, when the country produced just under 4,000 vehicles. That year, the country produced just over three million light vehicles, with General Motors and Nissan as the leading light vehicle manufacturers in the country.

A regional leader descends?

The country has one of the major motor vehicle industries in the world. Its automotive industry leads the Latin American region in production volume and employs roughly 100,000 people yearly. Prioritizing exports, most light vehicles exported in 2020 — over two million units — had the US as their destination. Still, the light vehicle production output had been in a downward trend already before the pandemic, and even though it has already shown signs of recuperation, the production volume for the next years is not expected to see sharp increases.