The fleet renewal program for motor transport promoted by the Ministry of Economy (SE) not only seeks to modernize the motor fleet (tractors and trucks) that has an average age of 19.4 years (considering cargo and passenger trucks), but could also become a gateway for more heavy units to begin to be insured, considered Alfredo Careaga, director of Business Development of THB Mexico .

“Overall, we think the initiative is very good in terms of renewing a rather old fleet, and I believe this incentive is positive,” Careaga stated in an interview with T21, adding that the program promoted by the federal government stems from an obvious need: an aging fleet and historical difficulties in accessing financing .

For Careaga, the initiative may have effects that go beyond the purchase of units, particularly in road safety and risk management , although it will be necessary to observe its implementation and the requirements that carriers must meet to access credit.

The modernization program includes financing schemes backed by guarantees from Nacional Financiera (Nafin) for micro and small transport operators with between one and 30 vehicles , who will be able to acquire new or used vehicles. The maximum financing amount under the shared-risk scheme is 15 million pesos or its equivalent in US dollars, and the option to acquire new vehicles will be for up to 84 months with a minimum down payment of 10 percent.

For pre-owned units, the maximum term will be  up to 60 months with a minimum down payment of 15 percent .

Although the plan is being implemented by the Ministry of Infrastructure, Communications and Transportation (SICT) , it is part of a broader package announced by the Ministry of Economy within the Mexico Plan to promote the renewal of heavy vehicles. This package includes tax incentives, guarantees, a new Official Mexican Standard, and measures to protect domestic production .

From Careaga’s perspective, one of the biggest benefits of the renewal is the incorporation of technology and safety devices in the new units, such as GPS tracking systems and other elements that can contribute both to fleet monitoring and to a faster response to incidents.

The specialist considered that, if new vehicles must introduce certain measures to access credit, it would create an incentive to improve risk management , especially for micro, small and medium-sized enterprises, which usually face greater difficulties in obtaining financing and which, from Careaga’s point of view, are the ones that concentrate older units with fewer safety measures,

Insurance sector, a piece of financing

The participation of the insurance sector could be another factor in determining the program’s scope. Alfredo Careaga stated that insurers are interested in adding new vehicles to their portfolios , particularly those with improved safety features.

The specialist indicated that the renewal could also expand insurance penetration in the motor transport sector.

According to SICT statistics, the fleet serving federal motor transport totaled 762,821 motor units in 2025 , representing an annual increase of 5.4 percent.

In the same cycle, the Mexican Association of Insurance Institutions (AMIS) identified 927,978 heavy units —including trucks, tractor-trailers, minibuses, buses and semi-trailers— that were insured.

In that regard, Alfredo Carega suggested that insurance could be more directly linked to loans. If a financial institution provides funds to acquire a vehicle, protecting that asset can reduce the risk of default in the event of an accident or theft .

The executive also considered that the initiative could serve as a first stage to test a scheme that could later be expanded with greater private participation, which would represent an opportunity to support financial institutions and carriers in designing adequate coverage for vehicles acquired under the scheme proposed by the federal government.

In this way, the renewal of the vehicle fleet presents an opportunity that goes beyond taking old units out of circulation: it can link financing, safety and insurance under the same scheme.

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The financial sector is a key player in the transition to electromobility and cleaner transportation, thanks to the diverse products banks offer to finance sustainable projects, experts agreed at the second edition of Mexico EV Day , organized by the Mexican Association for the Promotion of Electric Vehicles (AMIVE) .

The panel on Investment, Incentives, and Facilitators of Electric Mobility addressed the challenges and opportunities for accelerating the electrification of transportation in Mexico .

Mariuz Calvet, Chief Sustainability Officer at  Santander Mexico , and Siddharta Flores, Deputy Director of Projects Financed by International Financial Organizations at Nacional Financiera (Nafin) , highlighted the financial facilities being promoted to encourage the adoption of electric vehicles , both in public and private transportation.

In this regard, they highlighted the green credit lines for urban electric fleets , tax incentives and subsidies for the acquisition of electric and hybrid vehicles, mixed financing schemes that combine public and private resources for the development of charging infrastructure, as well as support for state and municipal projects aimed at promoting sustainable mobility .

For Siddharta Flores, the success of electrification depends on two pillars: tax incentives and access to financing . Currently, there are benefits such as a tax reduction of up to 150,000 pesos for electric vehicles and exemption from ownership and inspection fees in several states across the country.

In his presentation, he emphasized the importance of collaborative work between the private and public sectors to structure, from the banking perspective, the financial products necessary for the value chain.

“I think we should rather make a joint effort. We don’t have to look at what you’re lacking or what I have in excess so I can tackle that area. We must make a joint effort because otherwise, we’ll end up with pilot programs or isolated efforts that ultimately don’t develop into a potential industry,” he declared.

Meanwhile, Mariuz Calvet said that commercial banking has recognized that 99% of financial institutions’ carbon footprint comes from their loan portfolio. Therefore, banks such as Santander and BBVA have adopted decarbonization strategies aligned with the National Sustainable Taxonomy and the Paris Agreement , which prioritize the financing of activities that contribute to a low-carbon economy.

“It’s good business to have an electric vehicle. It saves fuel, reduces maintenance and operating costs , and, of course, it contributes not only to Mexico’s Sustainable Development Plan and our goals, but also to the clean air we breathe every day. We have a great opportunity here,” he concluded.

For her part, Andrea Hurtado, general director of Climate Action Policies at the Ministry of Environment and Natural Resources (Semarnat) , stated that the electrification of transport is one of the most relevant measures to decarbonize the sector, which represents 25% of national carbon dioxide (CO₂) emissions . However, she emphasized that simply changing the type of vehicle is not enough.

“We need to rethink the transportation model, redensify cities, change mobility habits, and strengthen the charging and final disposal infrastructure for batteries,” he stressed.

According to data cited by Hurtado, Mexico will emit 788 million tons of CO₂ in 2024; more than 50% of transportation comes from individual vehicles. Between 2016 and April 2025, 426,942 electric, hybrid, and plug-in hybrid vehicles were sold in the country.

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In Mexico, trade and supply chain finance (TSCF) supports only 8% of goods trade, so access to finance in the country is among the lowest among economies analyzed by the World Trade Organization (WTO) and the International Finance Corporation (IFC) .

According to the report Trade Finance in Central America and Mexico, prepared by both institutions, around a quarter of merchandise importers and exporters in the country have access to financing, despite the fact that supply chain financing has made some progress in the Mexican economy and, to a lesser extent, in Guatemala and Honduras.

The report highlighted significant potential for growth and diversification of the currently concentrated market for TSCF, as doubling coverage and aligning costs with advanced economy standards is projected to increase exports and imports by up to 7.4 % in Mexico, 8.9% in Honduras, and 7.8% in Guatemala, adding more than $90 billion in combined trade volume.

“Inadequate access to trade finance acts as a prohibitive cost of trade, holding back trade and closing economic opportunities for businesses and people, particularly in developing economies,” stressed Johanna Hill, Deputy Director-General of the WTO.

According to the analysis, Mexico’s strong export growth, approximately 5% annually in recent years, as well as its greater integration into global value chains, especially in manufacturing sectors, requires greater access to trade financing in the future.

Along these lines, he indicated that trade in intermediate and capital goods, which represented 57% of total imports in 2022, “tends to depend more on trade financing.”

Hill noted that limited access to financing is particularly relevant for micro, small, and medium-sized enterprises (SMEs), as well as women-owned companies, who “face difficulties accessing commercial financing.”

He added that in the countries and regions studied to date, only a limited share of trade is supported by trade and supply chain finance, while in advanced economies this proportion is at least 60 percent .

“In each of the regions we examined, trade finance was highly concentrated. Very few banks direct very little financing toward a small group of well-established, large operators,” he noted.

In this regard, he considered it important to double trade finance coverage, as this would help diversify its geographic footprint and increase its volume.

“More trade finance means not only greater trade integration, but also greater socioeconomic inclusion,” he added.

Looking ahead, trade transactions in developing countries should continue to be supported by trade finance programs implemented by the IFC and other multilateral development banks.

In several emerging economies, reducing the costs of maritime transport, financing, and border clearance is key to international competitiveness.

“The adoption of digital technologies is essential in this regard,” he noted.

The policy recommendations included in the report aim to strengthen supply chain markets through regulatory harmonization, digital innovation, improved risk assessments, and improved access for small and women-owned businesses.

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