The National Institute of Statistics and Geography (INEGI) reported that from January to November 2024, 108,943 hybrid, plug-in hybrid, and fully electric cars were sold in Mexico, representing a 70.2% increase compared to the sales volume reported during the same period in 2023.
In November alone, sales of hybrid and electric vehicles grew by 41.1% year-over-year, with 12,147 units sold, which means an additional 3,540 units of new technologies were sold in the country compared to the same month in 2023.
The growing popularity of electric or hybrid technology vehicles has made Mexico an attractive destination for brands such as Tesla, BYD, Audi, Volkswagen, BMW, GM, Ford, Toyota, JAC, among others, to introduce new models for their transition to electromobility.
You may also read: General Motors leads the transition to electric mobility in Mexico
Benefits in the Industry
Gabriel Padilla, general director of the National Auto Parts Industry (INA), told El Financiero that “we are estimating that by this new year, we will manage to attract close to 2.7 billion dollars, which would represent an increase.”
The executive noted that by the end of 2024, the industry managed to attract around 2.55 billion dollars in investment.
In Mexico, several models such as the BYD Dolphin electric, the Chevrolet Equinox EV, the Volvo EX30, Nissan’s e-Power technology, as well as Tesla’s Model X, Y, and 3, the JAC E30X, and other offerings from Chinese brands like Zeekr, GWM, and Geely, will begin to flood the market and dealerships in the country.
As of November 2024, the share of hybrid and electric vehicle sales reached 8.2% of total sales. About 79% corresponded to hybrid vehicles, 14% to fully electric cars, and 7% to plug-in hybrids.
Latam Mobility on February 20, 2025 in Monterrey
On February 20, 2025, Latam Mobility, the largest sustainable mobility community in Latin America begins its tour in Monterrey, Mexico, with the second edition of the “North America Mobility Summit 2025”.
Mexico has become an important bastion for the region with the arrival of major brands in the automotive industry, with interesting plans to install electric vehicle plants. In this sense, Latam Mobility has established itself as a key player to generate synergy, networking, and alliances between the public and private sectors.
The “North America Mobility & Net Zero Summit” in Monterrey will bring together the most important companies and leaders linked to energy, transportation, fuels, and mobility, to show the progress and prospects of the industry in Mexico, the United States, and the region.
If you would like to know the agenda or participate as a partner in Latam Mobility’s “Tour 2024” and access the portfolio of benefits, please write to info@investinlatam.org.
