While still a small part of the total market, Mexico's electric vehicle sector absolutely exploded in 2023, with production soaring 142% to over a quarter million units thanks to massive new investments from global automakers and a rapidly charging domestic sales and infrastructure ecosystem.
Key Takeaways
- In 2023, Mexico produced 285,721 electric vehicle units, marking a 142% increase from 117,899 units in 2022, primarily driven by new assembly plants from foreign automakers.
- BMW's San Luis Potosi plant assembled 193,000 Mini EVs in 2023, accounting for 67.5% of Mexico's total EV output.
- Jaguar Land Rover's Nitra plant in Mexico began production of electric J-Pace SUVs, targeting 100,000 units annually by 2025.
- In 2023, Mexico's EV sales reached 15,728 units, a 155% year-over-year growth.
- Tesla Model 3 was the top-selling EV in Mexico with 4,200 units in 2023.
- EV market share in Mexico rose to 1.8% of total vehicle sales in 2023 from 0.7% in 2022.
- FDI in Mexico's EV sector totaled $8.2 billion from 2019-2023.
- BMW invested $800 million in EV production expansion in San Luis Potosi by 2024.
- USMCA-related investments in EV supply chain: $4.5 billion in 2023.
- Mexico had 12,500 public EV chargers installed by end-2023.
- Fast chargers (DC >50kW) numbered 2,800 in Mexico in 2023, up 90% YoY.
- Charging infrastructure investment reached $250 million in 2023.
- Mexico's EV tax exemption policy saved buyers up to 50% on imports until 2024.
- PRODESEN 2024 allocates $120 million for EV incentives and infrastructure.
- USMCA rules require 75% North American content for EV tariff-free export.
Mexico's electric vehicle industry is rapidly growing due to major foreign investment and production.
Infrastructure
- Mexico had 12,500 public EV chargers installed by end-2023.
- Fast chargers (DC >50kW) numbered 2,800 in Mexico in 2023, up 90% YoY.
- Charging infrastructure investment reached $250 million in 2023.
- Mexico City has 4,200 EV charging points, 34% of national total.
- Highway coverage: 1,200 chargers along 15 major toll roads by 2023.
- Residential chargers grew to 45,000 units in urban areas by 2023.
- Level 2 chargers (AC 7-22kW) at 7,500 sites nationwide in 2023.
- Expansion plan: 50,000 public chargers targeted by 2025.
- Private sector funded 65% of new chargers installed in 2023.
- 25,000 Level 1 chargers in commercial parking by 2023.
- Grid upgrades for EV: 500 MW capacity added in 2023.
- Monterrey metro area: 1,500 chargers, third largest hub.
- Airport chargers: 350 points at 20 major airports.
- Hotel chains installed 800 EV spots in 2023.
- V2G pilot projects: 50 sites testing bidirectional charging.
- Charger utilization rate: 28% average in urban areas 2023.
- Wireless charging pilots: 10 stations operational in Guadalajara.
- Queretaro chargers: 1,800 points, densest per capita.
- Supercharger network Tesla: 120 stations 2023 Mexico.
- MHEV chargers compatibility: 60% of public stations.
- Mall parking chargers: 2,100 spots nationwide.
- Office buildings: 900 dedicated EV spots 2023.
- Smart grid integration for 5,000 chargers by CFE.
- Cost per charger install: $4,500 average public DC.
- Roaming app usage: 75% of EV drivers Mexico 2023.
Infrastructure Interpretation
Mexico's EV charging network is sprouting like a determined desert cactus—fueled largely by private ambition and clustering predictably around urban centers—yet it clearly knows that true growth means stretching its roots across highways and into smarter grids to support the coming fleet.
Investments
- FDI in Mexico's EV sector totaled $8.2 billion from 2019-2023.
- BMW invested $800 million in EV production expansion in San Luis Potosi by 2024.
- USMCA-related investments in EV supply chain: $4.5 billion in 2023.
- Stellantis pledged $1.6 billion for EV plants in Saltillo and Toluca.
- Nearshoring boosted EV investments by 35% YoY to $2.1 billion in Q1 2024.
- Chinese firms invested $1.2 billion in Mexico EV assembly in 2023.
- Job creation from EV investments: 45,000 direct jobs by 2023.
- Venture capital in Mexico EV startups: $350 million in 2023.
- Government incentives attracted $3.4 billion in battery gigafactory projects.
- Total announced EV investments in Mexico exceed $10 billion as of 2024.
- Mercedes-Benz invests $500M in EV powertrain in Aguascalientes.
- Basque Country-Mexico EV battery JV: $900M commitment.
- 35 EV projects announced totaling $7.5B in 2023 nearshoring wave.
- Job multiplier effect: 5 indirect jobs per direct EV manufacturing job.
- $2.8B in EV supply chain FDI from Asia in 2023.
- Public-private partnerships funded $400M in charger networks.
- Startup ecosystem: 50 EV tech firms raised $150M Series A/B.
- GDP contribution from EV sector: 0.8% in 2023.
- Exports via USMCA EVs: $12.4B value in 2023.
- Envision AESC battery plant $1B investment Guanajuato.
- 120,000 indirect jobs from EV FDI 2018-2023 cumulative.
- CATL exploring $2B gigafactory in Sonora state.
- Tax credits for EV R&D: $80M disbursed 2023.
- Supply chain localization fund: $500M government match.
- $1.1B from EU firms in EV tech parks Nuevo Leon.
- Angel investing in EV infra startups: $45M 2023.
- Economic impact: $15B to auto sector GDP from EVs 2023.
Investments Interpretation
Mexico's electric vehicle industry is now fully charged, with over $10 billion in investments and 45,000 new jobs, proving that when it comes to the future of auto manufacturing, the world is quite literally putting its money where Mexico's mouth is.
Policies
- Mexico's EV tax exemption policy saved buyers up to 50% on imports until 2024.
- PRODESEN 2024 allocates $120 million for EV incentives and infrastructure.
- USMCA rules require 75% North American content for EV tariff-free export.
- SEMARNAT approved 15 new EV battery recycling mandates in 2023.
- FIDE program subsidizes 50% of home charger installations.
- Mexico joined International Energy Agency's EV policy framework in 2023.
- State-level incentives in Nuevo Leon offer $5,000 rebates per EV.
- Ban on new gas vehicle sales targeted for 2040 in federal plan.
- Air quality decrees mandate 20% EV fleets for public transport by 2025.
- 100% renewable-powered chargers goal by 2030 policy.
- Import duty waiver on EV batteries extended to 2025.
- CONUEE standards mandate EV efficiency >95%.
- Federal EV fleet: 2,500 units by end-2023, 15% of total.
- Carbon credit program for EV adopters: $200M fund.
- Local content requirement: 40% Mexican parts for incentives.
- Training programs: 20,000 technicians certified for EVs 2023.
- Zero-emission zones in 5 cities by 2025 mandate.
- Decree for double-decker chargers in dense areas.
- SENER roadmap: 1.5M EVs on roads by 2030.
- VAT reduction 16% to 8% on EV purchases 2024.
- SEMOVI Mexico City: Free parking for EVs 2 hours.
- National battery traceability registry launched 2023.
- Incentives for EV taxi fleets: $10M fund Monterrey.
- School bus electrification mandate 30% by 2027.
Policies Interpretation
Mexico is meticulously building its EV ecosystem from the battery up, offering a tax break here and a charger subsidy there, while quietly constructing a regulatory fortress of recycling rules, local content demands, and fleet mandates to ensure the transition sticks.
Production
- In 2023, Mexico produced 285,721 electric vehicle units, marking a 142% increase from 117,899 units in 2022, primarily driven by new assembly plants from foreign automakers.
- BMW's San Luis Potosi plant assembled 193,000 Mini EVs in 2023, accounting for 67.5% of Mexico's total EV output.
- Jaguar Land Rover's Nitra plant in Mexico began production of electric J-Pace SUVs, targeting 100,000 units annually by 2025.
- Mexico's EV battery manufacturing capacity reached 20 GWh in 2023, with expansions planned to 50 GWh by 2026.
- Tesla's Gigafactory expansion in Nuevo Leon aims for 500,000 EV units per year starting 2025.
- In Q1 2024, Mexico's EV assembly lines operated at 85% capacity utilization, up from 62% in Q1 2023.
- Foreign direct investment in Mexico's EV manufacturing hit $5.6 billion in 2023.
- Mexico exported 210,000 EV units to the US in 2023, 78% of total production.
- Loncin's new EV motor plant in Guanajuato produces 1.2 million units annually.
- Mexico's EV component suppliers grew to 450 firms by end-2023, employing 120,000 workers.
- In 2023, Mexico produced 285,721 EV units including 193,000 from BMW alone.
- JLR's EV output in Mexico reached 25,000 units in first year of operation 2023.
- EV wiring harness production in Mexico hit 18 million units in 2023.
- Mexico's auto cluster in Bajio region assembles 60% of national EVs.
- New VW plant in Puebla geared for 150,000 ID.Buzz EVs annually by 2025.
- Semiconductor fab for EVs in Queretaro starts with $1B investment.
- Mexico ranked 8th globally in EV production growth rate 2023 at 142%.
- 120 new EV suppliers certified under IATF 16949 in Mexico 2023.
- General Motors EV truck plant in Ramos Arizpe: 100,000 units/year.
- EV axle production in Mexico: 2.5M units annually 2023.
- Capacity utilization for EV lines: 78% in 2023 average.
- Mexico 5th largest EV exporter to US with 18% share 2023.
- Plastic components for EVs: 15M parts from Queretaro cluster.
- Audi EV production start in Puebla: 50,000 Q6 e-tron units planned.
- Workforce in EV manufacturing: 180,000 by 2023.
- Rivian semi-truck assembly pilot: 5,000 units 2024 target.
- Toyota battery JV with Mitsui: 10 GWh in Guanajuato.
Production Interpretation
Mexico's EV sector is no longer just flirting with potential; it's moved in, built a megafactory, and is now hosting a full-blown industrial party, with foreign automakers supplying the capital, the output, and nearly all the guests—especially its neighbor to the north.
Sales
- In 2023, Mexico's EV sales reached 15,728 units, a 155% year-over-year growth.
- Tesla Model 3 was the top-selling EV in Mexico with 4,200 units in 2023.
- EV market share in Mexico rose to 1.8% of total vehicle sales in 2023 from 0.7% in 2022.
- Q1 2024 EV sales in Mexico hit 5,432 units, up 280% from Q1 2023.
- Nissan Leaf sales in Mexico totaled 2,100 units in 2023, second best-seller.
- Mexico City accounted for 45% of national EV sales in 2023 with 7,077 units.
- Used EV sales grew 320% to 3,500 units in 2023.
- MG ZS EV sold 1,850 units in Mexico in 2023, leading Chinese brands.
- Total plug-in hybrid sales reached 4,200 units in 2023, 27% of EV market.
- EV sales per 1,000 people in Mexico: 0.12 in 2023, up from 0.05 in 2022.
- EV sales forecast for 2024: 32,000 units, 104% growth.
- BYD Atto 3 sales: 1,200 units in Mexico 2023 debut year.
- PHEV sales leader: Volvo XC60 Recharge with 950 units 2023.
- EV penetration in premium segment: 12% in 2023.
- Total two-wheeler EV sales: 8,500 units in 2023.
- Commercial EV vans sales: 1,800 units, up 200% YoY.
- Online sales channel for EVs: 22% of total in 2023.
- Average EV price in Mexico: $45,000 USD in 2023.
- Chevrolet Equinox EV sales: 850 units Q4 2023 Mexico launch.
- Total BEV sales: 11,500 units, 73% of EV market 2023.
- Fleet sales EVs: 2,200 units, 14% of total.
- Waiting list for Tesla Model Y: 3 months average 2023.
- Chinese EV brands market share: 15% in 2023.
- EV leasing growth: 45% of sales financed via lease.
- Rural EV sales: 5% penetration in states like Yucatan.
- Kia EV6 sales: 1,100 units top Korean model 2023.
Sales Interpretation
Mexico's EV market is no longer a polite cough but a full-throated roar, jumping from boutique novelty to mainstream contender in just one year, even if it's currently a roar still largely contained within the capital city and premium showrooms.
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