Mexico’s automotive industry is set to produce a record 3.8 million light vehicles this year after October’s production figure was the highest ever recorded for any month.
The October number of 365,111 was up 11.1% over the same month last year as exports to the United States continue to recover.
The Mexican Automotive Industry Association (AMIA) said light-vehicle exports rose 12.7% in October to 287,465 units.
Mexico’s booming auto sector has become a growth engine for the economy and an export hub for the industry due to the North American Free Trade Agreement. Manufacturers have been lured to the sector by cheaper labor and numerous free trade agreements.
The increase in U.S. exports came despite a 1.8% drop in vehicle sales in that country so far this year, he said, observing that the demand for Mexican automobiles grew 10.4%.
General Motors overtook Nissan in October as the leader in production and exports, but Kia saw the biggest growth: production soared 138.4% to 24,300 units.