| | |  Business News | February 2009 
Mexico's Car Industry in Crisis
 Robin Emmott - Reuters
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Monterrey - Mexican auto exports and production plunged in January by more than 50 percent from a year earlier, in a dramatic sign of the economic slowdown.
Mexico's car industry is struggling with slumping demand and expects to cut output by at least one fifth this year as the U.S. recession bites.
Below are key facts and figures on Mexico's car industry:
• Mexico is the world's 11th biggest car maker, producing 2.1 million vehicles last year, 1.7 million of which were for export.
• Vehicles and auto parts account for a fifth of Mexico's total manufactured exports, 80 percent of which head to the United States.
• Almost 600,000 workers are employed by the industry.
• The top five manufacturers in Mexico, from the highest volume down, are: General Motors Corp (GM.N), Nissan Motor Co (7201.T), Volkswagen AG (VOWG.DE), Ford Motor Co (F.N) and Chrysler.
• The industry in Mexico is slashing jobs. General Motors will lay off 600 workers at its plant in northern Mexico and Volkswagen has fired at least 400 temporary workers. Nissan has warned it may have to let go some of the 6,000 workers at its Aguascalientes plant in central Mexico.
Sources: Mexican auto industry group AMIA, Mexican government
(Editing by Leslie Adler) |
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