Automotive investments and import quotas in Mexico
Mexico‘s federal government highlighted the automotive investments that the country has attracted and the consequent authorisation of quotas for investing companies to import vehicles.
According to official data, from December 2018 to June 2023, investments of 10,292.1 million dollars were promoted to establish, expand and modernise production facilities for light motor vehicles.
These investments were boosted by the authorisation of quotas to import vehicles with 0% tariffs, which contributed to the diversification of the domestic supply of this type of goods.
Between September 2022 and June 2023, the Ministry of Economy authorised import quotas for 711,169 light motor vehicles, determined on the basis of the output of production companies established in Mexico and the amount of their additional investments to establish, expand or modernise production facilities.
Thus, the Mexican government continued with the promotion of exports and the diversification of destination markets through the allocation of quotas.
Automotive investments
In particular, Mexican-based vehicle manufacturers exported 354.8 million dollars worth of light motor vehicles to Argentina under the Economic Complementation Agreement Number 55.
The initial investment of more than USD 5 billion to build a Tesla mega-factory in Nuevo León will generate more than 6,000 jobs for the production and manufacturing of electric vehicles.
This amount represents a fundamental investment for the sustainable development of the Mexican automotive industry, from the production of electric batteries to the export of the vehicle, in order to create a complete ecosystem in the manufacturing value chain.
Likewise, the German company BMW invested 800 million euros to integrate the San Luis Potosí plant into its global electromobility network to produce its new models in Mexico.
The project includes adaptations for the production of electric vehicles and the construction of the new high-voltage battery production centre.
For the Mexican government, these unprecedented investments position Mexico as a leader in the transition to electromobility, a key destination for automotive investment, and contribute to sustainable socio-economic development and the creation of decent jobs in the country.
