According to Automotive News, sales of cars and light trucks set new records in Mexico in November and year to date as widely available credit and financing options helped automakers and consumers overcome rising interest rates and a weaker peso.
Auto sales jumped 23 percent to 154,616 vehicles last month compared to November 2015, according to the Mexican Automotive Industry Association and the Mexican Automobile Distributors Association.
For the year through November, auto sales rose by 19 percent at 1.4 million compared to the same period last year, the industry groups said late Thursday.
Guillermo Prieto, president of the distributors association, said the rise in interest rates and the slide in the peso against the U.S. dollar has yet to trickle down to consumers.
Auto loans remained at record levels and auto prices were stable, he said. The industry was on pace to sell a record 1.6 million vehicles for the year and on track, barring any shocks to the economy, to hit around 2 million by 2020.
Prieto estimated that sales next year could grow another 6.5 percent, although there are dark clouds on the horizon. They include the election of Donald Trump as president of the U.S. since he has been a sharp critic of the North America Free Trade Agreement that is critical to Mexico’s export-oriented economy.
“Without a doubt, there is uncertainty,” he said.
Trump’s surprise election has pressured the Mexican peso, now near record lows against the U.S. dollar, which has forced the Mexican central bank to hike interest rates to fight inflation as imported goods become more expensive.
About half of the cars sold in Mexico are imported.
by Laurence Iliff
more recommended stories
The “Pueblos Mágicos” program will once again receive government funding
Zacatecas, Mexico – At a tourism fair.
‘Hot Sale’ offers online deals & discounts in Mexico (May 27-31)
From May 27-31, 2019, some of.
American Airlines challenges Trump’s restrictive policy and opens more flights to Cuba
American Airlines, the international airline with.
The ‘American Taliban’ is released from prison.
Can radicals re-enter society? TERRE HAUTE.
AMLO confident that the USMCA will be ratified
Andrés Manuel López Obrador says he.
More than 18,000 Central Americans seek asylum in Mexico
After a surge in asylum applications.
IKEA plans to open first Mexico store in 2020
MEXICO CITY, May 22 (Reuters) –.
US military to set up tents for migrants on southern border
Washington (AFP) – The American military.
Mexico to auction expensive sports cars seized from criminals
Mexico City (AFP) – Mexico announced.
Boys and girls sing the Mexican National Anthem in Maya language (VIDEO)
Lyrics that give us identity to.