GM Generali

Generali (AQEU:GM)
Historical Stock Chart

From Jul 2019 to Jul 2024

Mexico's auto industry continued to suffer big declines in May, with the global crisis and weak domestic demand hurting output, exports and new car sales.

The Mexican Auto Industry Association, or AMIA, said Monday that auto production fell 39% from May 2008 to 108,162 units, while exports dropped 44% to 83,910 units and domestic sales fell 38% to 53,438 units.

AMIA said the numbers were adversely affected by poor consumer confidence in Mexico and weakness in the global auto industry.

Exports to the U.S. slipped 46% in May to 58,900 vehicles. The U.S. auto market contracted 36% in the January to May period to 3.94 million units.

The Mexican Association of Auto Distributors said the A/H1N1 influenza outbreak that led the government to shut down non-essential business activity for five days at the beginning of May had a negative effect on the number of people visiting showrooms.

In the first five months of 2009, Mexico's auto production fell 42% to 500,383 units. Exports sank 41% to 399,755, and domestic sales slumped 31% to 300,316 vehicles.

AMIA President Eduardo Solis said that a steady improvement in U.S. consumer confidence during recent months could contribute to a better second half of the year. AMIA expects production to finish 2009 between 20% and 25% lower than last year.

-By Paul Kiernan, Dow Jones Newswires; (5255) 5001 5726, paul.kiernan@dowjones.com