The closing rate of 17.483, represented an appreciation of 0.69%, or 12.13 centavos for the day. Through the first three weeks of the new year, the peso has gained 2.91% against the dollar.

#AlSonarLaCampana | El peso mexicano ganó terreno frente al dólar. El #TipoDeCambio se situó en 17.48 pesos por billete verde, su nivel más bajo desde mayo 2024.
📺: @RaquelLPM pic.twitter.com/eo6Sa58ZM7

— El Financiero (@ElFinanciero_Mx) January 21, 2026

The exchange rate actually approached 17.40 pesos per greenback during the day, only to lose some ground after U.S. President Donald Trump said that attacks against Mexican cartels would “begin soon.”

Banamex reported that the dollar was selling for 17.91 pesos on Wednesday afternoon, while the purchase price was 16.93 units.

The peso movement was supported by a decrease in geopolitical tensions following comments by Trump in Davos, as well as by the narrative of less economic pressure in the U.S., which is seen as a positive for Mexico.

“Even so, the market remains sensitive to any news from the United States that could quickly shift sentiment,” Diego Albuja, market analyst at ATFX LATAM, told El Economista newspaper.

Wednesday’s strong performance led Banamex to revise its exchange rate projections. They now anticipate that the peso will trade below 19 units within the next two years.

“The superpeso could be making a comeback, supported by greater risk appetite and high interest rates,” Banamex economists said in a note. “We now estimate it at 18.36 pesos per dollar in December of this year and at 18.73 by 2027.”

The appreciation of the peso is not entirely good news, however.

Those who receive remittances — an estimated 1 in 10 adults in Mexico rely on money from abroad — receive fewer pesos when they exchange the money.

At the same time, companies in the export sector, an economic driver in recent years, generate less income in local currency.

“Currency appreciation can cause domestic production to lose competitiveness in the international market because local products are now worth more in foreign currency,” Monex economists told the newspaper La Jornada.

As such, exports tend to decrease, contributing to the trade deficit.

The peso gained significantly against the U.S. dollar in 2025 due to higher interest rates in Mexico and the decision by some U.S. companies to move manufacturing closer to home (and to Mexico). 

A relatively weaker dollar has also helped the peso demonstrate strength in 2026. Analysts anticipate that continued nearshoring with the U.S. and Canada, along with overall foreign direct investment into Mexico, will continue driving strong demand for pesos.

Looking further into the future, the market consensus is that the exchange rate “will remain in the range of 18 to 20 pesos per dollar with a slight tendency towards depreciation, given a still weak economy and attention to monetary policy decisions both at home and in the U.S.”

A recent Reuters survey found that those polled believe the peso will keep trading close to the center of a range between 16-22 per U.S. dollar that has held firm for more than a decade.

With reports from El Economista, La Jornada and El Financiero

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Mexico’s role in this system is often framed through an outdated oil lens.

Forty years ago, that framing made sense. In 1982, Mexico exported roughly $24 billion, and almost 65% of that was crude oil. Today, Mexico exports more than $620 billion, with oil representing just 3.5% of the total, while manufacturing accounts for nearly 90%. In other words, Mexico’s economy has transformed from being oil-dependent to manufacturing-driven — and manufacturing is, above all, energy-intensive.

This transformation has tied Mexico and the United States together through energy flows that are structural, not optional.

Natural gas: The backbone of integration

Looking only at imports, the integration is even clearer: virtually all of the natural gas Mexico imports — over 99% — arrives via pipeline from the United States, reflecting a high degree of physical and commercial interdependence between the two energy systems, particularly U.S. producers in Texas, for whom Mexico has become a critical and stable export outlet.

Natural gas now anchors Mexico’s electricity generation, industrial production, and export manufacturing — much of which directly supports U.S. supply chains.

Refined products & crude: A circulatory system

The result is clear: under many trade measures, the United States now runs an energy surplus with Mexico, meaning the value of U.S. energy exports to Mexico exceeds the value of Mexican energy exports to the U.S. This surplus supports U.S. GDP, sustains jobs in energy production and refining, and strengthens America’s position in global energy markets.

Data source: U.S. Energy Information Administration, U.S. Imports by Country of Origin, Exports by Destination, U.S. Natural Gas Imports by Country and U.S. Natural Gas Exports and Re-Exports by Country.

Mutual benefits embedded in infrastructure

As documented by the U.S. Energy Information Administration, this integration is neither temporary nor marginal. Pipeline shipments of U.S. natural gas to Mexico have increased by an order of magnitude since the early 2000s, and today the majority of U.S. pipeline exports flow south of the border rather than overseas.

U.S.-Mexico Border Crossing Natural Gas Pipelines and Expansions of Mexico’s Domestic Pipelines

Data source: U.S. Energy Information Administration and Comisión Nacional de Hidrocarburos, Mexico. “U.S. natural gas pipeline exports to Mexico have grown in recent years as the domestic pipeline network within Mexico continues to expand.”

Why policy certainty matters

This is why energy policy cannot be an afterthought in debates about economic strategy or geopolitical competition. Mexico is not peripheral to U.S. energy security — it is central to it. American energy production, refining, and export capacity are increasingly linked to Mexican demand, infrastructure, and industrial growth. Likewise, Mexico’s ability to sustain its manufacturing base and capture nearshoring opportunities depends on continued access to U.S. energy and predictable investment conditions.

If the United States wants to remain an energy powerhouse, it cannot do so alone. It’s not just about drilling in Texas or New Mexico — it’s about smart partnerships, strong trade frameworks and working closely with reliable neighbors.

Seen this way, energy fits naturally with the other themes in this series. If AI is the brain of the future economy, energy is the bloodstream. And today, that bloodstream flows across North America.

Catch up on parts 1-5 of Could Mexico make America great again? here:

• Part 1: An introduction
• Part 2: A primer on China
• Part 3: Zeroing in on the demographics
• Part 4: About that trade deficit
• Part 5: How the AI race changes the game 

Pedro Casas Alatriste is the Executive Vice President and CEO of the American Chamber of Commerce of Mexico (AmCham). Previously, he has been the Director of Research and Public Policy at the US-Mexico Foundation in Washington, D.C. and the Coordinator of International Affairs at the Business Coordinating Council (CCE). He has also served as a consultant to the Inter-American Development Bank.

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Regarded as one of the world’s largest fairs in the tourism industry, the event will take place from Jan. 21 to 25 at IFEMA Madrid, with three days dedicated to professionals (21-23) and two days for the general public (24-25).

Cuando México se une, no hay quien nos pare. 🇲🇽🔥

Colores, música, naturaleza y mucha fiesta recorren España, @fitur_madrid y se roban todas las miradas. 🌎💃🎶

Nuestro ambiente se siente, se vive y se contagia. El mundo entero sabe que #MéxicoEstáDeModa. 🇲🇽✨#Fitur pic.twitter.com/qTMTJ8uDKZ

— Josefina Rodríguez Zamora (@josefinarodzam) January 21, 2026

As partner country, Mexico is presenting a comprehensive program that will showcase the essence of Mexicanidad to the global tourism market, both at the fair’s venue and at iconic venues around the city. 

Boasting the largest pavilion in the fair’s Americas section, all 32 Mexican states are represented at FITUR  with a program highlighting the promotion of emerging destinations, outdoor and nature-based experiences, pueblos mágicos and cultural and culinary experiences. 

Present at FITUR this year are Mexico’s artisans, entrepreneurs and tourist operators who aim to position the country as a unified destination, rather than a collection of isolated regions. 

As part of the promotional activities during the five-day event, Mexico’s stand will host cultural performances such as the Guelaguetza of Oaxaca and the Danza de los Viejitos of Michoacán, in addition to a shop selling Mexican handicrafts. Other activities will promote the 2026 FIFA World Cup, taking place in Mexico, Canada and the United States. 

Mexican authorities have said that the country’s partnership with FITUR is a strategic opportunity to strengthen Mexico’s image before an international audience, in line with the current administration’s goal of positioning Mexico among the five most-visited destinations in the world by 2040.

“Today, we are aiming for more,” Mexican ambassador to Spain, Quirino Ordaz Coppel, said. “We don’t just want more tourists: we want more investment, more spending, greater connectivity and a strengthened sector. This forum will allow us to share the vision of the Ministry of Tourism within a Mexican government that is committed to tourism as a generator of economic benefits, with one key word: shared prosperity,” he told reporters. 

Overall, FITUR features nine pavilions, 10,000 companies from 161 countries — of which 111 have official representation — and 967 main exhibitors. 

Beyond the pavilion

As part of Mexico’s promotional activities beyond IFEMA, different parts of Madrid are showcasing Mexican culture through art installations. 

One such display is located at the Puerta del Sol, one of the city’s most visited areas. In this public plaza, the partner countries have installed a monumental sculpture of Madrid’s symbol, the Bear and the Madroño, featuring a design that blends Mexican and Spanish heritage.

Traditionally crafted from bronze, the iconic representation of Madrid’s identity has been reinterpreted by Mexican artist César Menchaca. The monument is now adorned with a colorful and intricate design inspired by Huichol art. 

“The Bear and the Strawberry Tree is a profound symbol of Madrid, an emblem that speaks of its history and identity. To be able to engage with it through contemporary art is an honor,” said Menchaca.

Meanwhile, the giant retailer El Corte Inglés on Serrano Street now features a “Ventana a México” (Window to Mexico), a designated space for the promotion and marketing of Mexican handicrafts. 

With reports from Publimetro and Milenio

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The 29th PwC Global CEO Survey, unveiled at the World Economic Forum taking place in Davos, Switzerland, this week, gathered responses from 4,454 CEOs across 95 countries, including Mexico, between Sept. 30 and Nov. 10, 2025. 

The United States has actually become more popular among global CEOs as a destination for international investment, despite Trump’s interventions, acc to PwC’s CEO survey. pic.twitter.com/iRicsqoVWT

— Holger Zschaepitz (@Schuldensuehner) January 19, 2026

The CEOs’ input revealed a more somber mood than last year. A noteworthy 30% of respondents were less optimistic about business opportunities in 2026. Just over half of CEOs plan to make international investments in 2026, at 51%. 

They were asked which three countries or territories, excluding their own, would receive the greatest proportion of capital expenditure from their company in the next 12 months.

The United States came out on top for investor preference, with 35% of CEOs placing it in the top three countries that will receive the highest proportion of their investment. 

Here are PwC’s top 10 global investment destinations: 

For 2026 

1. United States: 35%
2. Germany: 13%
3. India: 13%
4. United Kingdom: 13%
5. China: 11%
6. United Arab Emirates: 8%
7. Saudi Arabia: 7%
8. France: 7%
9. Spain: 6%
10. Singapore: 6%

For comparison, here are last year’s rankings:

For 2025

1. United States: 30%
2. United Kingdom: 14%
3. Germany: 12%
4. China: 9%
5. India: 7%
6. France: 7%
7. United Arab Emirates: 6%
8. Australia: 5%
9. Singapore: 5%
10. Mexico: 5%

While the launch of the Plan México national investment strategy in January 2025 was expected to attract more investors to Mexico, the introduction of U.S. tariffs on Mexico and other countries drove up investor uncertainty in 2025. 

In 2026, CEOs are more concerned about the potential impact of tariffs, as 20% of CEOs thought their companies would be highly exposed to the risk of significant losses due to tariffs over the next year. 

The three primary concerns for participants were economic volatility (31%), technological disruption (24%) and geopolitics (23%). Almost one-third said that geopolitical uncertainty is making them less likely to make large new investments.

Many CEOs viewed reinvention as a growth strategy, with 42% of respondents saying their company had begun competing in new sectors over the past five years. Meanwhile, 44% expect to invest outside their current industry, with technology being the most attractive sector.

With reports from El Economista

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At the end of December 2025, there were 1,029,280 IMSS-affiliated employers in Mexico, a reduction of 2.4% compared to a year earlier.

The decline came after the number of IMSS-affiliated employers fell 1.6% in 2024.

In an economic analysis document, the Center for Economic Studies of the Private Sector (CEESP) noted that the number of IMSS-affiliated employers declined by 25,667 last year.

The research center said that the decline was the largest on record.

“The IMSS results reflect the complexity of listing new employers and keeping existing ones active,” CEESP said.

It said that the reduction in IMSS-affiliated employers was mainly due to the closure (or descent into informality) of businesses with a small number of employees. Such businesses, CEESP said, are least able to afford “the constant increase in labor costs” — including due to annual increases in the minimum wage — and to withstand economic uncertainty.

Oscar Ocampo, economic development director at the Mexican Institute for Competitiveness (IMCO), noted that 83% of employers that were removed from IMSS’s list of formal sector employers in 2025 were businesses with five employees or fewer.

“This speaks to how costly it is to be a business owner in Mexico,” he said.

“In this country, it is very difficult for micro and small companies to do business,” said Ocampo, who was quoted in a report by El Sol de México.

What factors make survival difficult for businesses in Mexico?

According to Ocampo, businesses in Mexico, especially small ones, have been negatively affected by the slowdown in economic growth, low levels of investment (although foreign direct investment increased last year), the increase in the minimum wage and the increase in the number of paid vacation days to which formal sector employees are entitled.

The IMCO economic development director also said that extortion negatively impacts businesses. Extortion is a widespread problem in Mexico, and its incidence has increased since President Claudia Sheinbaum took office in October 2024.

Last July, the government launched a new national strategy against extortion as the centerpiece of its efforts to combat the crime, while in November, the Senate passed a new anti-extortion law.

Data from the ANPEC small business association shows that half of all businesses in Mexico have been victims of a crime, El Sol de México reported, and extortion is a particular problem for small businesses. Some such businesses are forced to make large payments on a regular basis to extortionists, a situation that affects their profitability and ongoing viability.

In Cuautla, Morelos, a city that journalist Ioan Grillo recently described in his publication CrashOut as Mexico’s “capital of extortion,” the crime is particularly prevalent.

“The butchers have to pay the maña, the criminals. Every kilo of beef they sell they pay 20 pesos. The tortilla shops pay. The public transport, the buses and taxis pay,” Francisco Cedeño, a local journalist, told Grillo last October.

The outlook for Mexico’s formal employment sector

In its analysis, CEESP wrote that the “signs of weakness” evident in Mexico’s formal employment sector at the end of 2025 could continue this year.

It noted that the number of formal sector employees in Mexico rose by 278,697 last year, representing an increase compared to 2024. However, CEESP pointed out that the figure is “significantly lower” than in previous years, except for “the year of the pandemic” — 2020 — when the Mexican economy contracted more than 8%.

The majority of the formal sector jobs created last year went to digital platform workers, such as Uber drivers and Rappi delivery workers, who were able to move out of the informal sector thanks to the launch of a pilot program that provided employment benefits to them.

CEESP wrote that to a “large extent,” the 2025 job creation numbers reflect “the difficulty of creating quality jobs” in Mexico, which it said increases “the need” for people to seek employment in the informal sector, which employs more than 50% of Mexican workers.

“We have already highlighted on several occasions the need for an environment that facilitates the creation of more jobs by formal companies,” CEESP said.

However, the research center said, “high labor costs” as well as “other factors such as
uncertainty resulting from high levels of insecurity and a judicial reform that could affect the intention to open new workplaces and close some existing ones” will “probably continue to limit the creation of formal jobs” this year.

With reports from El Sol de México

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According to the agreement announced on Monday, Carso will acquire 100% of Fieldwood Mexico for US $270 million, in addition to settling US $330 million of Fieldwood’s debt with its parent company, according to a statement sent to the Mexican Stock Exchange (BMV).

While Carso committed to assuming the obligation to pay Fieldwood Mexico’s accumulated debt, Lukoil itself will be the seller.

Carso, through its subsidiary Zamajal, signed a binding agreement with Lukoil to acquire 100% of the share capital of Fieldwood Mexico, which has a half stake in the Ichalkil and Pokoch offshore fields in the Gulf of Mexico. 

“These figures and payment terms are subject to closing adjustments in accordance with the terms of the contract,” Carso stated in the document sent to the BMV.

Fieldwood Mexico is the operator and holds a 50% stake in the Ichalkil and Pokoch fields in Contract Area 4 in the Gulf of Mexico. On June 20, 2024, the Grupo Carso subsidiary Zamajal formalized the purchase of Petrobal Upstream Delta 1, now Mx Dlta NRG 1, which holds the other 50% stake in Contract Area 4.

If approved, Grupo Carso would own 100% of the stake in this field. Mexico’s National Antimonopoly Commission and the Energy Ministry must authorize the purchase as does the U.S. Office of Foreign Assets Control which imposed sanctions on Russia’s energy sector in October 2025.

Bloomberg News reported that the acquisition aligns with Slim’s plan to expand his oil portfolio, which includes contracts with Pemex for more than US $6.4 billion. The Pemex contracts include services in strategic fields such as Lakach and Ixachi, in addition to his entry into the Zama megafield.

Carso, one of the largest and most important conglomerates in Latin America, controls and operates a wide variety of companies in the commercial, communications, industrial and consumer sectors.

With reports from El Economista, El Financiero and Bloomberg Online

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Experts say this trend could be explained by a weakening economy and loss of household purchasing power, inflation in tourism goods and services (hotels, transportation, food) and security problems in some destinations and on some roads.

In an advisory released Monday, Sectur disputed an article published Sunday in the newspaper El Universal that claimed hotels received 100,000 fewer Mexican tourists between January and October 2025 compared to the same period in 2024.

However, Sectur’s own data confirms El Universal’s reporting. According to the ministry’s official DataTur report for October 2025, there were 52.7 million domestic hotel stays between January and October 2025 — 100,000 fewer than the 52.8 million registered during the same period in 2024. This contradicts the agency’s advisory, which claimed 63.09 million domestic tourists for January-October 2025 compared to 62.64 million in 2024.

The discrepancy raises questions about how Sectur is calculating domestic tourism figures. The ministry’s preliminary calculations for January-November also appear inflated, citing 69.58 million in 2025 versus 69.17 million in 2024, figures that don’t align with the trend shown in the official monthly reports (find them here).

Looking at the full year 2024, DataTur recorded 62.9 million domestic hotel stays, down from 65.2 million in 2023 — a decline of 3.5% or 2.3 million fewer domestic tourists. If the January-October 2025 trend holds, with 52.7 million domestic hotel stays versus 52.8 million in the same period of 2024, the full year 2025 would show essentially flat performance at best, representing a modest stabilization after 2024’s decline but remaining well below 2023 levels.

Sectur emphasized in its advisory that traditional hotel occupancy rates don’t constitute the only indicator of tourism activity. The ministry noted that the rise and consolidation of digital accommodation platforms has transformed the sector’s dynamics, capturing a significant market share that must be considered for a comprehensive analysis of tourism activity in the country.

In terms of destinations, Cancún, Mexico City and Puerto Vallarta led in reservation numbers, solidifying their positions as anchor destinations for leisure and urban tourism. Monterrey, Guadalajara and Mérida followed thanks to an offering that attracted business tourism, events and weekend getaways, broadening their appeal to a wider range of travelers.

Meanwhile, the United States remained the main driver of international tourism for Mexicans, with cities like Las Vegas, New York and Orlando topping the list of preferences. 

Across the pond, Madrid came in as the most visited European destination for Mexican travelers, while the Caribbean and South America gained significant ground.  

Within this trend, Punta Cana in the Dominican Republic, and Cartagena de Indias and Bogotá, in Colombia, stood out for their growth in reservations during 2025.

With reports from El Universal, Tribuna de México and El Porvenir

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Mexico’s previous president, AMLO, inflated growth rates during his term in part with significant federal government spending. From new airports in Mexico City and Tulum, to the new Maya and Interoceanic trains, to the Dos Bocas mega-refinery, the federal government was doing more than its part to prop up growth. The big question many had about these projects was, “Are they one-time growth spurts, or are they medium or long-term growth enablers that will help fundamentally improve future growth prospects for the country?” Infrastructure projects, if well-thought-out, should be medium/long-term growth enablers. But they do take time, and most certainly these projects are not yet helping to provide a pick up in economic growth.

Foreign direct investment announcements continue to hit record highs, but they also take time to impact the economy and sometimes don’t happen at all. The recent increase in the amount of “new” investment dollars in FDI (versus pure reinvestment of profits) has been an encouraging sign. Tourism numbers are up 13% year-to-date (with spending up over 6%), which is great news. But tourism is not big enough to significantly move the country’s total GDP numbers yet.

In the past, exchange rate devaluations of the Mexican peso would often provide a consistent growth spurt. Over a 25 year period and up until the COVID pandemic, the peso has averaged an annual devaluation versus the US dollar of roughly 10%. Given Mexico’s relatively low inflation and low wages, this consistently helped ensure that the cost of doing business or investing in Mexico kept getting cheaper, at least in dollar terms. This could be counted on year after year, and provided a good base case for making investments in the country. But given that the peso has actually strengthened while costs have increased now for five years, the certainty around that long-held assumption is over. So while a significant devaluation of 20% or more in the peso would most certainly provide a growth injection, there have been no indications that one is likely. In fact, the peso has continued to strengthen lately, with it recently hitting 18 month highs against the USD.

With the Trump administration making new and ever-changing tariff threats towards Mexico on a near weekly basis, what is Mexico to do? How can the economy get growing again at or above its potential?

1. The most impactful (albeit not very likely) scenario that could get the economy growing again would be a quick and favorable (for Mexico) outcome on the USMCA negotiations. This would provide clarity for businesses and investors on the role of Mexico in the North American supply chain. Too many companies right now do not have certainty as to whether Mexico going forward will have free trade with the U.S., low tariffs, or perhaps even higher tariffs compared to other countries. With that degree of uncertainty, it seems unlikely that Mexico’s economy can get growing upwards of 3% again.

In the wake of Trump’s tariff chaos, Mexico’s economy needs a rethink: A perspective from our CEO, Part 3

2. Another scenario would be for President Sheinbaum to push through reforms allowing for more foreign investment in the areas of energy extraction, production and distribution (current monopolies held by PEMEX and CFE). These economic segments could and should be significant growth drivers of the economy, yet are currently doing nothing to help. If Sheinbaum was able to use her popularity to push through reform in these areas and demonstrate that Mexico is “open for business” in shale gas production, oil extraction, energy production and distribution (natural gas, solar, wind) — it would spark a massive inflow of investment. Given Mexico’s long history of protectionism in these areas, it would not be an easy task. But given her nearly 70% popularity, if anyone is up to it, it’s Sheinbaum.

3. Governments often look for “shovel-ready” infrastructure projects that can get started right away and quickly impact the economy. Sheinbaum has some of these already started with a significant nationwide highway improvement plan. She is also doubling down on passenger train investments throughout the country. Both are good productivity enablers over the medium term, but will not have a meaningful impact in the short term.

4. Public education continues to be a big issue in Mexico, as I have previously written about here. This in turn impacts labor productivity growth and ultimately is a drag on the economy. Sheinbaum needs to prioritize this issue, perhaps by announcing some public-private partnerships that could accelerate education attainment and results. A real commitment in this area would likely be matched by private investment that could provide increased training programs in higher skill jobs that require the ability to use AI and robotics.

5. Tax policies are often used to accelerate investment and growth. Sheinbaum could announce initiatives ranging from accelerated depreciation of capital equipment investments, special tax treatment for AI and robotics investments, and tax incentives for companies that add new hires and invest in training and upskilling their workforce. All of these would steer private capital into areas that could quickly make an impact on the economy.

6. The Sheinbaum administration could create special incentives and economic development areas to further accelerate the growth of Mexico’s service sector. As I have previously written here, I think that Mexico has tremendous untapped potential in many segments of the service economy. New initiatives, new tax policies, and accelerated government approvals in service sectors like education, senior centers, housing (for Mexicans and expats), health care, wellness and tourism would further diversify the economy away from manufacturing and oil. With the right support, all those sectors could be hitting double-digit growth.

Of course, none of these options are easy. But if Mexico is serious about sustainably growing its economy at or above 3%, and in turn serious about improving the lives of its citizens — not only with minimum wage increases but also actual economic growth — it will have to tackle most of them.

Travis Bembenek is the CEO of Mexico News Daily and has been living, working or playing in Mexico for nearly 30 years.

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Sordo Madaleno is also responsible for the newest eye-catching design to arrive at Cabo del Sol: a boutique shopping destination for over 80 luxury brands.

 

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A post shared by Justine Schock | Cabo Real Estate Professional (@loscabosliving)

Ánima Village opens in Los Cabos

The first phase of Ánima Village premiered at Cabo del Sol in early December 2025, with over 1,500 guests showing up to celebrate the opening. Already open are more than two dozen shops featuring brands such as Abercrombie & Fitch, Guess, Hugo Boss, Lululemon, the Mac Store and Nike. More upscale brands are on the way in the next phase, scheduled for later this year, including Cartier, Dior, Prada, Valentino and Louis Vuitton. 

When complete, Ánima Village will be by far the most sophisticated shopping destination in Los Cabos. In addition to its anticipated 84 luxury brands, it will feature diverse dining options, art exhibitions, open-air walkways with botanical gardens and a range of regular events and programs.

“Art and culture are central to Ánima Village’s identity,” notes SOMA Group, the Mexican real estate development company led by members of the Sordo Madaleno family that operates Ánima Village. “The project features Arte Abierto, a dedicated gallery space that hosts rotating exhibitions, permanent installations throughout public areas, and an active cultural program. This initiative invites visitors to engage directly with the creative process, making them part of the ongoing artistic narrative.”

Of course, given Sordo Madaleno’s architectural reputation, this aspect, too, is first-class. Buildings “rise and fall in volumes ranging from 6 to 9.5 meters, creating a dynamic rhythm reminiscent of a coastal village. This stepped geometry not only frames shifting views of the landscape but also incorporates passive climate strategies — terraces open to public plazas, while shadows and landscaping provide comfort and shade, encouraging visitors to pause and enjoy the environment.”

Despite being located beyond the gate at Cabo del Sol, Ánima Village is open to the public daily between 11 a.m. and 8 p.m.

The history of Cabo del Sol

Cabo del Sol owes its existence to the visionary foresight of legendary Los Cabos developer Don Koll. During the mid-1980s, the Southern California real estate heavyweight made a series of moves that would forever change the landscape of Los Cabos. In 1985, he purchased the land for what would become Cabo del Sol in partnership with Robert Addison Day from Bud Parr, another Los Cabos pioneer. The next year, Koll bought the landmark Hotel Palmilla (now One&Only Palmilla) and brought in Jack Nicklaus to design golf courses for both, the first world-class layouts in the area. 

“Koll knew from time in the area developing Palmilla Hotel resort that this property [Cabo del Sol], with its gradual sloping terrain and two miles of pristine ocean frontage, was the best property in Cabo,” Day told Cabo Living Magazine in 2019. “Anywhere you put your finger on the map, you had an ocean view from the property. So Don and I struck a deal to buy the property in a joint venture between our two companies. Don took the role as operator and lead developer in those years, leveraging the expertise and team they already had in place at Palmilla and immediately began adding value.”

Two parcels were sold off to hotels for capital: the Sheraton Hacienda del Mar (now the all-inclusive Hacienda del Mar) and Grand Fiesta Americana, both of which opened in 1999. Accompanying these early Cabo del Sol tent poles were Jack Nicklaus’ stunning Cabo del Sol Ocean Course (now the Cove Club), which opened to acclaim in 1994, and Tom Weiskopf’s Desert Course, which followed in 2001. 

Koll may have been the visionary, but Day was, practically speaking, the most important figure in Cabo del Sol’s history. The grandson of William Myron Keck, founder of Superior Oil Company — later sold to Mobil for US $5.7 billion in 1984 — Day made his own fortune, selling the Trust Company of the West, which he founded in 1971, for $2.5 billion. The Oakmont Corporation, which he began in 1980 and for which he served as CEO, would later buy out Koll for ownership of Cabo del Sol and oversee its development for decades before Day passed away in 2023.

Cabo del Sol’s revival

Cabo del Sol’s golf courses were designed to sell the accompanying real estate, which they have been doing for 40 years and counting. But over the last few years, a series of luxury resort openings, along with Ánima Village, have ushered in what can only be called a resurgence. This has been led by the arrival of several properties from big-name hospitality brands that not only provide stylish accommodations to visitors but also amenities like restaurants and spas that residents can enjoy.

The first to open was Four Seasons Resort and Residences Cabo San Lucas at Cabo del Sol, which premiered in May 2024 with 96 guest rooms and 61 branded residences, the latter including luxe villas and estates. The following year, saw the announcement that Hacienda del Mar would transition to an all-inclusive resort, as well as the opening of Park Hyatt Los Cabos at Cabo del Sol, with its 163 guestrooms and enormous 59,000-square-foot fitness and wellness center, the largest in Los Cabos. 

This year,  trendy Soho House will open its first phase at Cabo del Sol, showcasing 15 bedrooms, 12 casas and three spacious casonas, along with a branded Soho Health Club. Phase 2, still to come, will feature 45 private residences, ranging from two-to four-bedrooms and five villas with three and four-bedrooms. Yes, Soho House, too, is being designed by Sordo Madaleno.

This flurry of openings, combined with the arrival of Ánima Village, has established Cabo del Sol, 40 years after its birth, as the most impressive resort and residential community in Los Cabos. Interestingly, perhaps, given this ascendance, Oakmont Corporation sold a controlling interest of 51% in Cabo del Sol holdings to RLH Properties, a Mexico City-based asset management company in September 2025. 

But that doesn’t change the resort inventory or the many real estate offerings still available. Or the location of the best new shopping destination in Los Cabos.

Chris Sands is the former Cabo San Lucas local expert for the USA Today travel website 10 Best and writer of Fodor’s Los Cabos travel guidebook. He’s also a contributor to numerous websites and publications, including Tasting Table, Marriott Bonvoy Traveler, Forbes Travel Guide, Porthole Cruise, Cabo Living and Mexico News Daily.

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Citing data from INEGI, the Electro Mobility Association and the Nuevo León Automotive Cluster (CLAUT), the Reforma newspaper reported on Thursday that 306,351 “Made in China” light vehicles were sold in Mexico last year, representing 19% of total sales.

The figure includes sales of vehicles made by Chinese automakers such as BYD, Changan, MG and GWM as well as sales of cars made in China by foreign companies such as General Motors and Ford.

Around 244,000 of the “Made in China” light vehicles sold in Mexico last year were Chinese-branded cars, according to the Mexican Association of Automotive Distributors (AMDA). That figure represents around 15% of total sales in 2025, which numbered over 1.6 million units according to AMDA.

Five years ago, sales of Chinese-branded vehicles accounted for less than 1% of total sales in Mexico, the El Economista newspaper reported. Mexico is now the world’s top importer of vehicles made in China.

The rapid increase in sales of Chinese cars, and the resultant impact on the Mexican auto industry, was a key reason why the federal government took the decision to increase tariffs on vehicles made in China. As of Jan. 1, such vehicles are subject to a 50% duty when entering Mexico, up from 20% in 2025.

‘Cars built in China don’t have a single part made in Mexico’ 

CLAUT director Manuel Montoya told Reforma that the significant market share of “Made in China” cars in Mexico is largely due to their attractive prices, which are possible thanks to low production costs in the East Asian economic powerhouse.

“The traditional brands [such as Ford and GM] that manufacture here and also in China have the option of bringing a quota of vehicles from there [to Mexico] at [Chinese] prices,” he said.

“… That’s why you have an SUV such as the Ford Territory with a super price [in Mexico] and that encourages people to buy,” Montoya said.

BYD electric vehicles have become popular in Mexico because of their affordability compared to other EVs. Around 85,000 BYDs were sold in Mexico last year, representing about one-third of all sales of Chinese-branded vehicles.

Montoya said that “Made in China” vehicles are selling “because they have very attractive prices and, in addition, they’re very well made.”

While many Mexican consumers are happy about having access to Chinese cars, the rise of the Chinese auto industry represents a threat to its Mexican counterpart.

GM started to export made-in-China cars to Mexico in 2020 with its Chinese JV partner SAIC. This helped pave the way for SAIC and other Chinese automakers to grow quickly in the Mexico market.

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“Cars built in China don’t have a single part made in Mexico,” noted Montoya.

“It affects us because the Mexican industry lives off production of vehicles made in North America. It really affects us, the United States and Canada,” he said.

Will higher tariffs impact sales of Chinese cars?

AMDA president Guillermo Rosales told El Economista that it is difficult to predict what impact the higher tariffs will have on sales of Chinese cars in Mexico.

Although the 50% duty took effect on Jan. 1, Rosales said he didn’t anticipate “significant changes” in sales of Chinese-made cars in the first half of the year.

“The year already started and we’re not seeing upward price changes,” he said.

Higher prices for Chinese vehicles could become apparent later in the year as dealerships take delivery of cars that entered the country after Jan. 1. However, Chinese automakers are known for having the capacity to absorb and offset tariff increases.

Still, the 50% tariff on vehicles from China and other countries with which Mexico doesn’t have a free trade agreement (such as India and South Korea) “is a measure and a public policy that balances the market,” according to Rogelio Garza, president of the Mexican Automotive Industry Association.

“… As the Economy Minister [Marcelo Ebrard] has said himself, [it creates a] level playing field in order to be able to compete in Mexico,” Garza said.

With reports from Reforma and El Economista  

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