Mexico’s Car Production Jumps to Record High

Local production of cars and light trucks in Mexico grew 11% to an any-month record high of 365,100 units in October, the Mexico Auto Industry Assn. (AMIA) reports.

Exports, which claim 79% of the country’s output, climbed 13% to 287,500 units. Most of those vehicles are shipped to the U.S.

Domestic car sales shrank 10% to 123,300 units in October, marking their fifth consecutive month of decline. Mexico’s auto distributors association says consumer purchasing power has been eroded by rising inflation and interest rates.