Automotive industry could grow 10% this year in production of vehicles and auto parts: Manuel Montoya

Monterrey, NL. Although the recession in the United States this year presents challenges for the automotive industry of Nuevo Leónthe expectation is that the sector will grow around 10% in production, and in sales, due to the car deficit, because in the last three years 8 million cars have stopped being manufactured, he told The EconomistManuel Montoya Ortega, director of the Automotive Cluster of Nuevo León.

“I could not say it exactly, I estimate that we are going to grow by 10%. I am optimistic, because we have a deficit of cars, three years we stopped manufacturing 8 million cars in America; the vehicle fleet has become old and the agencies do not have sufficient inventories.

“This is going to lead us to the fact that what is produced is going to be sold, despite the recession, because cars are needed. There will be other goods that are not sold, but cars are, I think there will be growth in the production and auto parts”, asserted the also president of the National Network of Automotive Industry Clusters.

The trend will continue to be that they prefer SUVs to sedans, “then there is the entry of electric vehicles that will not be very large and hybrid vehicles will continue to move well,” said Manuel Montoya.

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In it Economic Outlook 2023 of the Ministry of Economy of Nuevo León mentions that the Automotive industry It has been the most dynamic sector in exports, but despite its recovery in 2021 and 2022, it has not reached its best level since 2019.

In the index of the real value of production of the main manufacturing sectorsin 2019 the Automotive industry it reached 210 points, while as of September 2022 it was above 190 points, after the drastic drop in 2020 and 2021 to levels below 170 points, due to the Covid-19 pandemic.

Even so, the state’s automotive exports reached 12,000 million dollars in 2022 and there are good expectations for the increase in the arrival of IED a is sector.

Regarding employment, he said that the industry generates around 100,000 jobs. With the arrival of FDI to the entity, between 5,000 and 8,000 more jobs could be generated, he estimated.

Of the 101 investment projects confirmed between October 2021 and 2022, the Investment Directorate of the State Economy Secretariat indicated that there are 20 projects in the automotive sector, which represents 19.8% of the total.

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