Thursday, December 7, 2023

Luxury vehicle sales up 13% in first seven months

Luxury vehicle sales hit a record 48,241 units in the first seven months of the year, up 13.4% over the same period last year.

The Mexican Automotive Dealers Association (AMDA) said buyers of luxury vehicles have high purchasing power and are therefore less vulnerable to macroeconomic shifts and economic uncertainty.

“These clients . . . are less sensitive to changing credit situations and prices,” AMDA official Guillermo Rosales told the newspaper El Financiero.

BMV and Mercedes Benz, whose sales between January and July grew by 20.1% and 10.2%, respectively, when compared to the same period of 2017.

Raúl Peñafiel, managing director of Jaguar/Land Rover Mexico, told a press conference in July that Mexico continues to be one of the most attractive markets for his company.

The upward trend in luxury vehicle sales contrasted with an 8% drop in automotive sales in general in July. Suzuki Mexico marketing director David Hernández Sánchez said poor sales of vehicular fleets had a negative impact.

Source: El Financiero (sp)

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