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Mexico’s record auto production may get another boost from BMW AG and Hyundai Motor Co., which are considering building factories in Latin America’s second-largest economy, according to Economy Minister Ildefonso Guajardo.

The government has held talks with both companies and at least one of them may announce plans for a new plant next year, Guajardo said in an interview in New York Wednesday. That would mark Mexico’s first new car factory since April 2012, when Audi AG revealed plans for a $1.3 billion plant it started building this year to produce its Q5 sports-utility vehicle.

A BMW or Hyundai factory would further bolster Mexico’s auto industry, which set production and export records in 2012 and has continued to expand this year even as the nation’s economic growth has slowed. Nissan Motor Co., Honda Motor Co. and Mazda Motor Corp. are building plants in central Mexico, while U.S. automakers Ford Motor Co. and General Motors Co. are investing in additional production.

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