EconomyFinancialCar sales slow down in July

Car sales slow down in July

In July, the sale of light vehicles in Mexico slowed down and was the third month with fewer sales so far this year, according to data from the National Institute of Statistics and Geography.

While in June 90,368 cars were sold in the domestic market, in July the figure was 83,137 units, that is, a fall of 8%.

Compared to July 2021 sales, there was a growth of 1.2%. But they are still 21.6% below the sales achieved in July 2019, before the COVID-19 pandemic.

During July, the best-selling car brands were General Motors (13,745 units), Nissan (9,383) and Volkswagen (7,891).

In June, annual car inflation in Mexico stood at 8.94% and it is already difficult for Mexicans to find units for less than 200,000 pesos. Even pre-owned cars have become more expensive.

Prices, the effects on supply chains, the shortage of chips are some of the burdens that the automotive industry is still dealing with and that do not allow it to raise its sales to pre-pandemic levels.

"During the first seven months of the year, total sales amounted to 601,561 units, this is a contraction of 0.19% compared to the same period in 2021 and a contraction of 19.44% compared to the same period in 2019, before the initial impact of the pandemic. The performance of sales in the second half of 2022 and in 2023 could also be affected by higher interest rates and consumer caution, given the risk of a recession in the United States ," said Gabriela Siller, Director of Economic Analysis of Grupo Financiero BASE.

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