The Day at a Glance | January 4 2024

*In Mexico, 1.361 million light vehicles were sold in 2023. For 2024, the AMDA (Mexican Association of Automotive Distributors) estimates an 8% increase in sales. 

*The ADP survey recorded a 164,000 job increase in the private sector in December, a figure that set above the 101,000 reported just a month ago. 

*Initial unemployment claims stood at 202,000 in the week ending on December 30th, 18,000 fewer than the previous week. 

*The Central Bank of Mexico´s meeting minutes – regarding the announcement made on December 14th – will be published. We expect to identify the monetary stance concerning expected rate cuts during the first quarter of the year.

Economic environment

In Mexico, 142,959 light vehicles were sold in December 2023, according to INEGI figures. Throughout the past year, 1,361,433 units were sold, and reflected a +24.4% increase compared to 2022 and reached the highest level since 2018. Every month, INEGI gathers information from the 23 companies that are affiliated with the Mexican Automotive Industry Association (AMIA for its acronym in Spanish), Giant Motors Latin America, and Autos Orientales Picacho. Guillermo Rosales, Executive Director of the Mexican Association of Automotive Distributors (AMDA), estimated that the industry points to a 8% rate of growth in light vehicles sales in December. With the close of 2023, this would imply close to 1.47 million units sold.