Mexican auto sales dive 58.9% in May but pace of decline eases

MEXICO CITY, June 3 (Reuters) - Mexican auto sales tumbled 58.9% in May from a year earlier amid the economic slump caused by the coronavirus pandemic, but the pace of the decline eased slightly compared to April, data from national statistics agency INEGI showed on Wednesday.

May sales fell to 42,028 units from 102,402 in May 2019, according to INEGI. In April, sales collapsed 64.5% to 34,903 units from 98,346 a year earlier.

President Andres Manuel Lopez Obrador has given priority to restarting production at auto manufacturing plants and a few other key industries, as part of the government's efforts to reignite growth in Latin America's second-largest economy.

Mexican Automotive Industry Association AMIA says the auto sector makes up about 4% of the country's gross domestic product and generates nearly 1 million direct jobs. (Reporting by Raul Cortes Fernandez; writing by Drazen Jorgic; Editing by Bernadette Baum)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.