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Europe's automotive sector, second-largest globally and key to the EU economy, faces urgent challenges: rapid decarbonization, China's EV dominance, and US trade protectionism. The EU’s innovation-driven Action Plan can preserve Europe's leadership if swiftly implemented.

At the end of 2024, the Mexican economy's GDP grew by 1.5%, primarily driven by the Services sector, which experienced a 2.3% increase. Notably, Professional Services, Transportation, and Retail emerged as the key sectors contributing significantly to this economic growth.

Colombia’s automotive sector showed signs of recovery in 2024, with a 7.9% sales increase driven by utility vehicles and taxis. Domestic production declined significantly, while imports grew. Improved macroeconomic conditions are expected to further boost the sector in 2025 and 2026.

The automotive industry has shown signs of recovery following the recent recession, with announcements of tax and tariff reductions favoring consumers and projecting an increase in vehicle sales in 2025, driven by enhanced income and improved credit access.

By the end of 2023, the Mexican economy grew at an annual rate of 3.2%, with an extraordinary growth of 15.6% in construction and differentiated effects at the regional level. The dynamism of services underpins growth in 2023; Wholesale and Retail grew 3.9% and 4.1%, respectively.

The automotive sector once again had an outstanding performance among the different sectors of the economy despite the adverse local macroeconomic context that led to a significant increase in commercial debt with its headquarters. We expect 2024 to be a year with mixed results.

The recovery in private consumption is losing momentum, dropping from an annual 5.9% in the 2021-2022 biennium to 2.0% in 2023-2024. The increase in financing costs counteracts the modest rise in income, net financial wealth, and household expectations.

Economic growth through 2023 will be modest and driven by services. A drop in the secondary sector (mainly via Manufacturing) is anticipated due to the slowdown in the economy. Tourist entities lead growth.