Overview
- INEGI reported November production of 322,205 vehicles, an 8.4% year-over-year drop and the first November decline since 2021, as exports fell 3.4% to 279,342 units.
- From January to November, light-vehicle output decreased 1.46% to about 3.71 million units and exports slipped 1.6% to roughly 3.16 million, while domestic sales inched up 0.96% to around 1.37 million.
- Analysts and industry reports note that companies are reconfiguring lines or paying U.S. tariffs to preserve access to their primary market, moves that could compress margins.
- Standard & Poor’s experts say some automakers are weighing 2026 price adjustments in other markets and possible delays to new-model launches to offset tariff costs.
- The downturn is uneven across manufacturers, with production declines at Honda (-19.3%), Mazda (-15.7%), Volkswagen (-14%), Stellantis (-7.7%) and Mercedes-Benz (-5%), while Toyota grew 27.5%.