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Good News Continues for Mexico’s Automotive Industry

January 10, 2015
Good News Continues for Mexico’s Automotive Industry

Good News Continues for Mexico’s Automotive IndustryMexican President Enrique Peña Nieto expects to announce, in the short-term, additional new investments in the country’s automotive sector. One such announcement comes from an important investment by General Motors (GM). In the first two years of Mr. Peña Nieto’s presidential term, foreign investment in the automotive sector has reached almost $10 billion dollars. Also, GM recently announced its investment plans through 2018. To these numbers, one can add 20 million dollars to be invested by Vuteq Corporation for its new manufacturing complex in Ramos Arizpe, Coahuila. As noted in a prior edition of MexicanAutomotive™, well-known manufacturer Kia Motors will invest one billion dollars in its first Mexican manufacturing plant, which will have the capacity to produce 300,000 vehicles per year. It is expected that another $1.5 billion dollars will be invested by its supplier.Currently, of all automotive companies operating in Mexico, GM has registered the highest growth, seeing a 22% increase in vehicles produced. In 2013, GM reached 645,823 units produced throughout Mexico. The company operates four plants in the State of Mexico, Coahuila, Guanajuato and San Luis Potosi. Its manufacturing takes place at 14 industrial complexes, which generate 15,000 direct jobs and more than 105,000 indirect positions. Also, GM is the number one purchaser of auto parts from Mexican suppliers and exports 60% of such locally sourced parts. Its purchasing for 2014 totaled approximately 14 billion dollars.

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