The electric vehicle market is exploding worldwide. By 2030, the International Energy Agency predicts, EVs will represent 60% of all vehicle sales globally. And in the U.S., despite total vehicle sales dropping 8% year over year in 2022, sales of EVs jumped 65%, according to data from Kelley Blue Book. Although countries like China have grabbed headlines in the EV race, the biggest beneficiary of all that expansion might be Mexico.
“Mexico has unique advantages that could help solidify its position in the automaking industry amid the EV transition,” UBS’s Alejo Czerwonko, chief investment officer for emerging markets Americas, and Gabriela Soni, CIO for Mexico, explained in a Thursday note.
