Mexican vehicle production rose year on year in November, booking its first increase in more than a year.
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The Mexican Auto Industry Association (AMIA) said on Wednesday that production was up 2.9% to 176,655 units. It was the first time since October 2008 that production rose year on year, Dow Jones reported.
Exports last month slipped 2.6% to 134,873 units, while domestic new car sales continued to lag, falling 17% from the year-ago month to 64,913 units, AMIA said.
After year-on-year declines as much as 50% early this year, Mexico’s output has started to recover, helped by improved demand for cars in the US but AMIA told Dow Jones it still expects the recovery to be gradual and take several years.
“The Mexican auto industry continues living its most critical year and its recovery, along with that of the domestic economy, will be slow,” the association said in its monthly press release.
