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Claudia Sheinbaum, Mexico’s new president (inaugurated in October 1st), has a plan. She desires to carry Mexico’s business into the 21st century, pivoting to tech, drones, semi-conductors, … and EVs. She has introduced she’ll guarantee that, by the top of her time period, Mexico owns a domestically designed, domestically constructed, reasonably priced EV that will probably be named “Olinia” — Olini is Náhuatl for “motion.” As such, it’s solely pure that probably the most Mexican automobile ever needs to be named after this phrase.
Mexico has been an automotive producer for many years, however, numbers-wise, it solely grew to become a powerhouse within the final decade or so: in such brief time it has by no means produced a proprietary Mexican model. Sheinbaum’s plan is to verify it will get one, and by making it electrical she’s going to guarantee it belongs to the longer term as an alternative of the previous.
Olinia
To be honest, such plans of greatness are frequent in Latin America, and so they hardly ever find yourself effectively. Bolivia’s state-promoted “Quantum” quadrycicle, for instance, has solely offered token quantities regardless of its enlargement within the area.
But when there’s one nation within the area that may pull this off, it’s Mexico. The nation has a developed automotive business with nascent EV manufacturing (as we talked about in our LatAm EV Manufacturing Report), robust provide chains, reasonably priced vitality, and an informed inhabitants.
The proposed identify for the automobile (and an eventual Mexican model) comes from the Náhuatl language: the unique tongue of the Mexicas (also referred to as Aztecs) that inhabited the Central Mexican Plateau on the time of Cortés’s arrival. As such, it’s alleged to be a logo of Mexico’s resurgence as a regional energy and a cornerstone for the independence and sovereignty of its nation.
Olinia is only a idea for now, however it speaks volumes to the main target the brand new Mexican authorities can have. Mexico’s prior president — Andrés Manuel López Obrador “AMLO” — was not too invested in EVs, however Sheinbaum clearly has her priorities clear, and it’s set on making Mexico a giant participant within the mobility of the longer term.
Mexico’s upcoming coverage adjustments
Olinia will not be coming alone. Sheinbaum can also be proposing an overarching coverage aimed for the industries of the longer term, together with semiconductors and lithium extraction and refinement.
Extra essential, nevertheless, are commerce insurance policies. Since 2020, Mexico had exempted EVs from any tariffs and import taxes, however that is ending this month. Now, solely nations which have signed FTA with Mexico will probably be allowed to import EVs with out tariffs … and this doesn’t embrace China.
My tackle that is that Sheinbaum is severe. Mexico will not be the US, and it has been greater than clear than it’s going to gladly approve and obtain Chinese language funding within the type of native factories. Sheinbaum now desires to hurry up that course of. It additionally appears to be working: BYD is now poised to announce its upcoming manufacturing facility in Mexico earlier than the top of 2024.
It could be that Olinia — as at present proposed — by no means involves life, however, within the meantime, Mexico is prone to turn out to be a giant participant within the EV panorama, and it could even construct its first-ever native model. In any case, what’s Japan with out Toyota? What’s Korea with out Hyundai/Kia? Who is aware of, maybe 20 years from now Olinia (or its successor) will probably be a well-positioned identify worldwide.
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