Mobility Portal, Spain
Date: May 20, 2024
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By Lucila de los Santos
Latin America

In 2024 eMobility investments exceed USD 2 billion in Mexico

Investments are a fundamental axis when considering the development of electromobility in Mexico. While last year a series of announcements placed the country in a strategic position, 2024 brings with it a similar scenario. Here is an overview of the main eMobility news.
eMobility investments Mexico

Each year, more companies are advancing investments in Mexican territory.

This is because it is considered a key market in terms of sales and also in production due to its skilled workforce.

Billions will be allocated to the sustainable mobility sector in 2024, which, despite the global slowdown and the election period, is on the rise.


Volkswagen (VW) of Mexico will allocate 942 million dollars to its Puebla plant to create a strategic electromobility center, aiming to boost the assembly of electric and hybrid cars and strengthen the North American region.

By announcing this investment of nearly one billion dollars, the German automaker strengthens its entry into the new era of mobility for the production of electric vehicles (EVs) in the state.

This amount adds to the package announced in 2022 of 763.5 million pesos for the expansion of the manufacturing plant, which at that time had projected the start of production in 2026.


The Canadian company Magna will invest 166 million dollars in Ramos Arizpe, Coahuila, generating 700 jobs.

The factory will produce structural parts for EVs.

In this way, the firm will strengthen its presence in the region with the aim of consolidating itself as one of the main employers in the state.

Currently, more than 15,000 people work in its facilities.


In San Luis Potosí, BMW will allocate nearly 900 million dollars to manufacture electric cars.

This investment, the largest by the German company in the country since its first local plant, will focus on the company’s eMobility development.

This is the Neue Klasse line, which will feature batteries made in Mexico with lithium extracted from Argentina and Australia.

Construction begins in 2024, and operations are expected to start in 2027.

Seojin Mobility

The Korean company Seojin Mobility will establish its first plant in Mexico with 300 million dollars.

This will not only boost the local market but also strengthen collaboration with manufacturers like Hyundai and Kia Mexico.

The company also plans to create more than 300 jobs, becoming a key player in the Mexican automotive market.

ZF Group

The German automotive technology giant, ZF Group, announced an investment of over 222 million pesos to expand its operations in Querétaro.

This reaffirms its presence in the region and highlights the addition of the first steer-by-wire line with steering wheel actuators.

Thus, Querétaro will be a global pioneer in this technology.

Additionally, the investment includes the creation of 100 new jobs, thereby strengthening the local workforce and contributing to the sustained growth of the ZF plant in Querétaro.

Production with the new technology is expected to begin by the end of the year to meet the demands of the U.S. market.

Chinese Automakers Seek to Lead the Market

Investments from Germany, the leading automotive production nation in Europe, come in a context where the country is seen as a gateway to the United States (U.S.), similar to its Asian competitors.

This is the case with China, which is gaining increasing prominence in the Mexican industry, producing close to the consumer markets it aims to penetrate.

However, Mexico and the U.S. are placing obstacles to slow the Asian advance.

Around 20 Chinese manufacturers sell cars in the Latin American country, but none have a plant in the country yet.

This is soon to change, as brands like BYD, Chery Group, and Great Wall Motors are defining locations for their factories, which will involve substantial investments.

Additionally, JAC will expand its production plant in Hidalgo with the goal of operating seven assembly lines to get ahead of demand with the presence of electric cars and trucks.

Meanwhile, Tesla announced in 2023 an investment of five billion dollars in an electric vehicle plant in Nuevo León, with production expected to reach one million units per year.

Is Taiwan Investing in Mexico?

Recently, Taiwanese entrepreneurs visited the country to explore investment opportunities in the context of nearshoring.

The Ministry of Economy, in coordination with the Business Coordinating Council (CCE), received a mission of Taiwanese companies led by the Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA), as well as members of the Industrial Technology Research Institute, to hold the Business Meeting on Electric Vehicles.

Among the private sector Taiwanese companies present were Merry Electronics, Golden Bridge Electech, Universal Microelectronics, Inventec, Foxconn, and Taiwan Simco Company.

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