During the first half of 2024, Germany and China led investments in Mexico’s automotive sector. Germany accounted for 19.3% of the total investment, while China captured 18.3%, approximately $2.265 billion USD, with 20 investment projects. This significant growth in Chinese investments, a 52.7% increase compared to the same period in 2023, highlights the growing presence of Chinese companies in Mexico’s automotive industry. “These companies are mainly seeking partnerships with Mexican entrepreneurs, transferring processes and technologies, and looking for skilled labor and service providers, which creates many exciting opportunities for the country,” emphasized Ricardo Vivero, CEO of Cluster Industrial.

Of these investments, 64.6% were made by Tier 1 and Tier 2 auto parts companies, followed by 9.1% from suppliers of products and services for the sector. OEMs (original equipment manufacturers) accounted for 8.1% of the projects, while industrial parks and raw material companies each represented 6.4%. Additionally, 3.6% of the investments were allocated to development and engineering centers, a sign that Mexico is increasingly ready to host facilities where future automotive technologies are developed.

A notable report finding is that 36.4% of the first-half investments were directly related to electromobility platforms, totaling $4.693 billion USD across 40 projects. This reflects the continuation of the electrification trend in Mexico’s automotive industry, albeit with a slight decline from the 43% recorded in 2023. 

Automotive investments in the first half of 2024 created over 34,000 jobs, though this represents a 48.33% decrease compared to the previous year. In terms of infrastructure, more than 6.13 million square meters were constructed or renovated, 38.8% less than in the first half of 2023. This decline is partly attributed to the slowdown in the electric vehicle market and electoral uncertainty in the United States, which has already led companies like Tesla to temporarily pause their investment progress in the country. empresas como Tesla pongan en pausa momentánea el avance de sus inversiones en el país.