MEXICO AUTOMOTIVE REVIEW<\/a><\/p>\nMexico\u2019s FDI attraction has taken a hit. According to data from the Ministry of Economy, the country attracted 15.2 percent less FDI in 1H19 compared to 1H18. INA highlighted the situation, saying that in 1Q19 a mere US$115 million were captured in FDI. With falling investment attraction, the sector needs to learn to pick itself up. \u00d3scar Albin, Executive President of INA, suggests the development of a ProM\u00e9xico-like promotion agency through Mexico\u2019s embassies abroad.<\/p>\n
Queretaro remains the most attractive state in the Bajio region, largely as a result of profit reinvestments of foreign companies based there. While the Bajio-Center-West Alliance is projected to become one of the most competitive regions in Latin America, IMEF finds it will be difficult for this alliance to reach its growth projection of 5 percent.<\/p>\n
In other news, growing sales of new Mitsubishi vehicles and used cars will boost the operations of NR Finance. Coahuila is the largest producer of auto parts in Mexico and the Hannover Messe fair is posed to give an important push to the Industry 4.0 revolution in Mexico.<\/p>\n
Before digging into the news, do not forget to check our\u00a0Interview of the Week\u00a0featuring Alejandro Veraza, Managing Country Director of TI Fluid Systems and President of the Automotive Cluster of San Luis Potosi. How important is choosing the right location for the success of a manufacturing plant? Find out!<\/p>\n
Ready to hit the road? Go ahead!<\/p>\n
Tough Week for FDI Attraction<\/h3>\n
Mexico\u2019s FDI attraction fell 15.2 percent in 1H19 compared to the same period of 2018, according to the Ministry of Economy.<\/p>\n
Mexico\u2019s automotive industry attracted US$115 million in 1Q19, according to INA.\u00a0A ProM\u00e9xico-like agency is the strategy that Mexico deserves, according to Albin, who says at this rhythm, the country will only attract US$500 million by the end of 2019.<\/p>\n
Foreign companies based in Queretaro do not fear profit reinvestments, they welcome them.\u00a0The state attracted the highest FDI in the Bajio region in 1Q19.<\/p>\n
German supplier of car keys and electric security systems Huf announced an investment of MX$1.08 billion (US$54.3 million) to expand its Puebla plant.<\/p>\n
South Korean supplier Hanon Systems will invest MX$78 million (US$3.9 million) to expand its production center in Queretaro.\u00a0The company manufactures solutions for thermal and energy management.<\/p>\n
Battling Challenges, Manning Development<\/h3>\n
According to IMEF,\u00a0it will be difficult for the Center-Bajio-West Alliance to reach the 5 percent growth goal it has.\u00a0However, according to Gustavo de Hoyos of Coparmex, the region represented by this alliance has the potential\u00a0to become one of the most competitive in Latin America.<\/p>\n
Mexico buys more than what it sells to its CPTPP trade partners.\u00a0The country\u2019s purchases from its counterparts increased 2.7 percent in 1H19 compared to the 1.4 percent of increased sales.<\/p>\n
Mexico\u2019s production of trucks reached a record high in 1H19.\u00a0104,214 trucks were assembled in the country, which meant a 36.5 percent growth against 1H18\u2019s figures.<\/p>\n
Mexico exported automotive products worth US$68.47 billion in 1Q19, according to the Ministry of Economy.\u00a0Mexico\u2019s automotive exports accounted for 35.9 percent of the US\u2019s imports in that sector.<\/p>\n
A Little Push to the Sector<\/h3>\n
Coahuila rises as Mexico\u2019s auto parts knight with the highest component production in Mexico.<\/p>\n
Mitsubishi will boost NR Finance in Mexico.\u00a0Growing sales of new Mitsubishi vehicles and used cars will help Nissan\u2019s financing branch battle contractions in the vehicle financing market.<\/p>\n
The Hannover Messe fair\u00a0 in Leon is posed to boost the Industry 4.0 revolution in Mexico. It is the first time that this event is held in Latin America.<\/p>\n","protected":false},"excerpt":{"rendered":"
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