October 21, 2019

Ashburn, Virginia. Change [your]LOCATION

Mexican-made autos stream across border at record rate in first half of 2019

Jul 11, 2019 | , , ,

By CNBC

Remember President Donald Trump’s threat to slap a tariff on every product the U.S. imports from Mexico? That threat in early June, which the president later dropped, had auto executives worried.

The latest numbers from Mexico shows why so many in the auto industry were so concerned.

Mexican factories sent 1.37 million vehicles north of the border during the first half of this year — making up 16.3% of the U.S. auto market, according to Mexican auto industry trade group, the Asociacion Mexicana de la Industria Automotriz.

105945721-gettyimages-1024688866 Mexican-made autos stream across border at record rate in first half of 2019 [your]NEWS

That’s up 13% over the same time last year and setting up 2019 for another record-breaking year for Mexican auto imports. A record 2.6 million vehicles were imported from Mexico to the U.S. in 2018, making up 15% of the U.S. auto market, according to the Mexican auto industry’s latest report released Monday.

In June alone, automakers exported just under 250,000 new cars, trucks and SUVs to the U.S., an increase of 9.2% compared with the same month last year.

Those numbers are further confirmation automakers, with a few exceptions, continue to add and expand assembly lines in Mexico, even if it draws the ire of the Trump administration.

In early June, Trump threatened to put a series of escalating tariffs starting at 5% on every product imported to the U.S. from Mexico unless the Mexican government helped curb the number of migrants crossing into the U.S. The threat prompted Mexico to take actions at the border and after nine days of threats, Trump dropped the idea.

Full Article Here

More Top Stories

Translate »
Resize Font
Contrast