MEXICO CITY (Reuters) – Mexico’s authorities mentioned on Friday it has authorized a request by 12 automotive firms for extra time to fulfill new regional content material necessities below the North American commerce settlement that got here into power in July.
The financial system ministry mentioned in an announcement that below the United States-Mexico-Canada-Settlement (USMCA), firms may request a so-called different transition regime to adjust to the upper content material necessities below the commerce deal.
The request was granted for Tesla (NASDAQ:), Inc, Volkswagen (DE:) de Mexico, Volvo Automobile USA, FCA Mexico, Hyundai Motor America, Mazda Motor (OTC:) de Mexico, Toyota Motor (NYSE:) de Mexico, Kia Motors Mexico, Kia Motors Manufacturing Georgia, Nissan Mexicana, Ford Motor (NYSE:) Co and Cooperation Manufacturing Plant Aguascalientes, it mentioned.
For tariff-free commerce in mild automobiles, the settlement requires 75% North American content material in contrast with a 62.5% threshold below its predecessor, the North American Free Commerce Settlement (NAFTA).
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