EconomyFinancialThis Mexican auto parts manufacturer already earns millions thanks...

This Mexican auto parts manufacturer already earns millions thanks to the rise of electric cars

Nemak, a Mexican provider of lightweight aluminum components, is capitalizing on automakers’ rapid path to electrification. In the third quarter of the year, it registered revenues of 24,665 million pesos, which meant an increase of 43.3%, compared to the same period last year, according to the financial report sent to the Mexican Stock Exchange.

The company’s net income totaled 377 million pesos, compared to a net loss of 575 million pesos in the third quarter of last year; while the operating flow totaled 3,168 million pesos, 38.0% more compared to the same period of 2021.

“We continue with our positive revenue performance in the third quarter, supported in large part by increased customer production and the launch of new products in our segment of components for electric vehicles and structural applications,” added Armando Tamez, CEO of Nemak. .

The company based in García, Nuevo León, increased its total volume of production by 28.0% after launching new products in the segment of structural applications for electric vehicles. In addition, it secured contracts worth approximately 40 million dollars per year, most of which were destined for the manufacture of components for electric vehicles.

“The better business performance was the result of a better product mix, new measures to mitigate the effects of inflation, as well as operating efficiencies,” Tamez said.

The manager added that the company continues to advance in the scaling of its electric vehicle segment with the start of series production of recently launched battery casings and structural components for electric vehicles for global customers.

“Given our continued efforts to drive execution, innovation and resiliency in our business, I am confident that we remain positioned to achieve our top goals for the year, while accelerating our growth trajectory in our EV/CE segment going forward. “, held.

The firm’s portfolio amounts to more than 60 clients, including some of the large automotive groups and their subsidiaries globally, such as BMW, Ford, General Motors, Hyundai-KIA, Jaguar Land Rover, Mercedes Benz, Renault-Nissan, Stellantis and Volkswagen Group.

“Additionally, we took advantage of our design engineering capabilities to obtain contracts for the supply of structural components for new generation SUVs from a European automaker in China , thus reinforcing a proven record by satisfactorily meeting the lightening needs of our clients in the face of the electrification trend” Tamez said.

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