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Are Hyundai, BMW Headed to Mexico?

Mexico’s Economy Minister Ildefonso Guajardo says that both Hyundai Motor Co. and Bayerische Motoren Werke AG (BMW) are thinking about building factories in Mexico, home to Latin America’s second most powerful economy.

Guajardo says that his government and leaders from both companies have been talking about this possibility and added that he expects at least one of the carmakers to announce soon that it will build a new car-making factory in Mexico in 2014.

Guajardo said:

“With both of them, there have been conversations with us for future plants. I cannot talk for them, but I think that starting 2014 we’ll have new announcements. At least for one.”

The Mexican auto industry has been on a real tear of late. Not only did Audi AG start building a $1.3 billion plant there this year to join Nissan Motor Co., Honda Motor Co. Mazda Motor Corp, Ford Motor Co., and General Motors Co., the industry set production and export records last year with projections being that 2013 will beat those numbers.

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