Value Chain Report on the Airlines Industry in Mexico

Abstract

This report examines the value chain of the airline industry in Mexico, detailing its structure, key players, commercial relationships, and prevailing challenges. The analysis reveals a complex ecosystem encompassing infrastructure provision (airports, ATC, fuel), aircraft and fleet management (manufacturing, leasing, MRO), core airline operations (passenger, cargo), distribution and sales (direct, indirect, ancillary), and essential support services (ground handling, catering, security). Key players include private airport consortia (GAP, ASUR, OMA), state entities (SENEAM, ASA, Pemex), global leasing firms, MRO providers, dominant domestic airlines (Viva Aerobus, Volaris, Aeroméxico), and various support companies. The industry is characterized by diverse business models, notably the contrasting approaches of Ultra-Low-Cost Carriers (ULCCs) and the full-service national carrier. Commercial interactions involve intricate contractual agreements for services like airport usage, fuel supply, aircraft leasing, maintenance, and distribution. Despite significant passenger growth, notably exceeding 119 million passengers handled by airports in 2024 and a robust domestic market led by ULCCs, the industry faces critical bottlenecks. These include severe airport capacity constraints, particularly in Mexico City, a significant shortage of air traffic controllers, global supply chain disruptions affecting aircraft delivery and maintenance, and regulatory complexities. Addressing these challenges is paramount for the continued sustainable growth and competitiveness of Mexico's airline sector.

Introduction

The airline industry serves as a critical engine for economic growth, tourism, and connectivity in Mexico. Characterized by dynamic competition, evolving business models, and significant passenger traffic, the sector plays a vital role in connecting Mexico domestically and internationally. Recent years have seen substantial growth in passenger numbers, driven largely by the expansion of low-cost carriers, alongside the established presence of a full-service national airline and numerous international players competing for market share, particularly on transborder routes to the United States.

However, this growth trajectory is tempered by considerable operational and structural challenges. The complexity of the interactions between airports, airlines, service providers, regulators, and customers forms an intricate value chain. Understanding this chain – from the foundational infrastructure enabling flight to the final passenger experience and supporting services – is essential for identifying strengths, weaknesses, and opportunities within the Mexican aviation market.

The purpose of this report is to provide a comprehensive analysis of the airline industry value chain in Mexico. It aims to dissect the constituent steps and segments, identify the key actors operating within each segment, and detail their primary activities and relative scale. Furthermore, the report meticulously examines the commercial relationships, business models, and product/service exchanges that define the interactions between players. Crucially, it identifies and analyzes the most significant bottlenecks and challenges currently confronting the industry, such as infrastructure limitations, workforce shortages, and supply chain disruptions. By offering a detailed, well-structured overview, this report seeks to serve as a valuable resource for industry stakeholders, analysts, and researchers seeking in-depth knowledge of the operational landscape of airlines in Mexico. The scope encompasses the primary activities directly involved in enabling and conducting air travel for passengers and cargo originating, terminating, or transiting through Mexico.

Value Chain Definition

The airline industry value chain in Mexico comprises a sequence of interconnected activities and services essential for the provision of air transportation. It can be segmented into distinct steps, each containing specific sub-segments and involving various players performing specialized activities.

Detailed description of each step and segments in the value chain

The value chain can be broadly categorized into the following steps:

1. Infrastructure: This foundational step includes the physical assets and essential services that enable air travel operations.

   • Segments:
     • Airport Operations: Involves the management, operation, and maintenance of crucial airport facilities such as terminals, runways, taxiways, gates, baggage handling systems, and security checkpoints. It also includes facilitating passenger flow and managing landside access. Furthermore, this segment often encompasses the commercial management of retail spaces, food and beverage outlets, and other non-aeronautical revenue streams within the airport environment.
     • Air Traffic Control (ATC): Focuses on providing air navigation services to ensure the safe, orderly, and expeditious flow of air traffic within designated airspace and at airports. This involves guiding aircraft during takeoff, landing, and en-route phases, maintaining separation between aircraft using sophisticated radar and communication systems, and providing crucial information to flight crews.
     • Fuel Supply: Encompasses the entire process of sourcing aviation fuel (jet fuel), including domestic production and importation, transportation to airport storage facilities (often via pipeline or tanker truck), secure storage, quality control, and the final delivery of fuel into aircraft tanks (into-plane refueling).

2. Aircraft and Fleet Management: This step covers the acquisition, financing, and maintenance of the aircraft fleet, which are the primary operational assets for airlines.

   • Segments:
     • Aircraft Manufacturing (Global): Pertains to the design, production, and assembly of commercial aircraft. While the final assembly of large commercial jets occurs outside Mexico (primarily by global OEMs like Boeing and Airbus), Mexico plays a role in the global aerospace supply chain by manufacturing various aircraft components.
     • Aircraft Leasing and Financing: Provides airlines with access to aircraft without the need for large upfront capital investment. This segment involves specialized companies that purchase aircraft from manufacturers and lease them to airlines under various long-term or short-term agreements, along with financial institutions providing loans and financing structures for aircraft acquisition.
     • Maintenance, Repair, and Overhaul (MRO): Includes all activities required to maintain the airworthiness, safety, and operational readiness of aircraft. This encompasses routine scheduled maintenance checks (A, B, C, D checks), unscheduled repairs of airframes, engines, and components, major engine overhauls, avionics upkeep, aircraft painting, and interior modifications or refurbishments.

3. Airline Operations: This is the core step where the actual transportation service is produced and delivered.

   • Segments:
     • Passenger Airlines: Focuses on providing scheduled or charter air transportation services for passengers. This segment is diverse, featuring different business models such as full-service network carriers (offering bundled services and extensive networks), low-cost carriers (LCCs), and ultra-low-cost carriers (ULCCs) (both focusing on point-to-point routes, unbundled fares, and ancillary revenues). Regional airlines serving smaller markets also fall within this segment.
     • Cargo Airlines: Specializes in the transport of goods and freight by air. This includes dedicated all-cargo carriers operating freighter aircraft, as well as the cargo divisions of passenger airlines utilizing belly-hold capacity on passenger flights.

4. Distribution and Sales: This step involves making the airline's services visible and accessible to potential customers and facilitating the transaction process.

   • Segments:
     • Direct Sales: Airlines sell tickets and related services directly to consumers through their proprietary channels, including official websites, mobile applications, dedicated call centers, and airport ticket counters. Airlines often incentivize direct booking to reduce distribution costs and control the customer relationship.
     • Indirect Sales: Airlines utilize intermediaries to reach a broader customer base. This includes partnerships with Online Travel Agencies (OTAs), traditional brick-and-mortar travel agencies, consolidators, and corporate travel managers. Global Distribution Systems (GDSs) act as technological platforms connecting airline inventory to these indirect sellers. Passenger Sales Agents (GSAs) may represent airlines in specific markets.
     • Ancillary Services: Refers to the sale of additional products and services beyond the basic airfare. This is a crucial revenue stream, especially for LCCs/ULCCs, and includes charges for checked baggage, seat selection, priority boarding, in-flight meals and beverages, Wi-Fi access, lounge passes, travel insurance, and commissions from hotel or car rental bookings.

5. Support Services: This step comprises a range of essential services that support the daily operations of airlines and airports.

   • Segments:
     • Ground Handling: Encompasses a wide array of services performed on the ground at the airport to support aircraft turnaround and passenger processing. This includes passenger check-in assistance, boarding gate services, baggage handling (loading, unloading, transfer), ramp services (aircraft marshalling, pushback, towing, ground power units), aircraft cleaning, water and lavatory servicing.
     • Catering: Involves the preparation and delivery of food and beverages for consumption by passengers and crew during flights, adhering to airline specifications and food safety standards.
     • Security: Focuses on implementing and managing security measures to protect passengers, crew, aircraft, and airport facilities from unlawful interference. This includes passenger and baggage screening, airport perimeter security, airside access control, cargo screening, and coordination with national security and law enforcement agencies.

Main activities within each segment

• Infrastructure:

  • Airport Operations: Key activities are infrastructure development, maintenance (runways, terminals, aprons), airside operational management (gate allocation, aircraft movement coordination), landside traffic management, passenger processing facilitation (check-in, security, immigration), emergency response services, and commercial activity management (retail leasing, advertising).
  • Air Traffic Control (ATC): Core activities involve real-time surveillance of airspace, issuing clearances and instructions to pilots, managing flight sequences for arrivals and departures, ensuring safe separation standards, coordinating traffic flow between sectors and airports, and providing weather and navigational information.
  • Fuel Supply: Activities include sourcing jet fuel (import/refining), transporting it to airport depots, managing storage tank farms, conducting quality assurance testing, and operating refueling equipment (hydrant systems or fuel trucks) to service aircraft.

• Aircraft and Fleet Management:

  • Aircraft Manufacturing (Global): Involves research and development, complex engineering design, sourcing components globally, manufacturing parts (including in Mexico), final assembly line production, flight testing, and certification.
  • Aircraft Leasing and Financing: Activities include evaluating airline creditworthiness, purchasing aircraft from OEMs, structuring lease agreements (operating leases, finance leases), managing the aircraft asset portfolio throughout its lifecycle, and remarketing aircraft at lease end.
  • Maintenance, Repair, and Overhaul (MRO): Activities range from routine line maintenance performed between flights to heavy maintenance checks requiring aircraft downtime, engine disassembly and overhaul, component repair, structural inspections and repairs, avionic system updates, and compliance with airworthiness directives.

• Airline Operations:

  • Passenger Airlines: Primary activities cover network planning and route analysis, flight scheduling, pricing and revenue management, marketing and sales promotion, managing reservations and ticketing systems, flight dispatch and operations control, crew scheduling and management (pilots, cabin crew), providing in-flight customer service, and managing passenger interactions post-flight (customer relations, baggage claims).
  • Cargo Airlines: Activities focus on sales and booking of cargo capacity, managing freight acceptance and documentation, warehouse operations, load planning, ensuring compliance with regulations for dangerous goods, tracking shipments, and coordinating intermodal transport connections.

• Distribution and Sales:

  • Direct Sales: Managing and optimizing online booking engines and mobile apps, operating customer contact centers, implementing loyalty programs, and executing digital marketing campaigns.
  • Indirect Sales: Negotiating contracts and commissions with travel agencies and OTAs, managing participation in GDS platforms, providing agents with sales tools and support, and collaborating on marketing initiatives.
  • Ancillary Services: Developing and pricing new ancillary products, integrating ancillary purchase options into the booking flow, marketing these services effectively, and managing fulfillment (e.g., ensuring correct seat assignment, baggage handling according to purchase).

• Support Services:

  • Ground Handling: Staffing check-in counters and gates, operating baggage sorting systems, driving and operating ramp equipment (tugs, belt loaders, stairs), coordinating turnaround activities within tight schedules, and providing assistance to passengers with reduced mobility.
  • Catering: Menu design and planning based on airline requirements, large-scale food preparation in flight kitchens, assembly of meal trays, loading catering trucks, and delivering provisions to aircraft galleys.
  • Security: Operating passenger and baggage screening checkpoints using X-ray machines and metal detectors, conducting physical searches, patrolling airside areas, verifying personnel access credentials, screening airport employees and supplies, and implementing cargo security protocols.

Players Analysis

The Mexican airline value chain features a diverse array of players, from large international corporations and state-owned entities to specialized domestic service providers. Understanding these key actors, their activities, and their scale is crucial to comprehending the industry dynamics.

Profiles of key players

• Infrastructure:

  • Airport Operators:
    • Grupo Aeroportuario del Pacífico (GAP): A leading private airport operator managing 12 key airports in Mexico's Pacific region, including Guadalajara (GDL), Tijuana (TIJ), and Puerto Vallarta (PVR). GAP is the largest operator in Mexico by passenger volume, facilitating significant domestic and international traffic, particularly to the US.
    • Grupo Aeroportuario del Sureste (ASUR): Operates 9 airports in southeastern Mexico, most notably Cancun International Airport (CUN), a major gateway for international tourism and the second-busiest airport in the country. ASUR also manages airports like Merida (MID) and Cozumel (CZM).
    • Grupo Aeroportuario Centro Norte (OMA): Manages 13 airports in central and northern Mexico, including the industrial hub of Monterrey (MTY), as well as Acapulco (ACA) and Mazatlán (MZT).
    • Grupo Aeroportuario de la Ciudad de México (GACM): The state-owned entity responsible for operating Mexico City International Airport (AICM), the country's busiest airport, facing significant capacity constraints. Also involved in the broader Mexico City metropolitan airport system strategy.
  • Air Traffic Control (ATC):
    • Servicios a la Navegación en el Espacio Aéreo Mexicano (SENEAM): The sole government agency mandated to provide air traffic control and navigation services across all Mexican airspace and airports. It plays a critical safety and operational role.
  • Fuel Supply:
    • Petróleos Mexicanos (Pemex): Mexico's national oil and gas company. Pemex is a primary producer and importer of jet fuel, supplying a significant portion of the domestic demand through its refining and distribution network.
    • Aeropuertos y Servicios Auxiliares (ASA): A decentralized federal agency historically involved in airport operations but now primarily focused on storing, distributing, and supplying aviation fuel at numerous airports across Mexico, complementing Pemex's role.

• Aircraft and Fleet Management:

  • Aircraft Leasing and Financing:
    • Air Lease Corporation (ALC): A major global aircraft leasing company based in the US, known to have lease agreements with Mexican carriers, providing them access to modern aircraft like the Boeing 737 family (leased to Aeroméxico, previously leased to Aeromar and Volaris).
    • CDB Aviation: The Irish-based aviation leasing subsidiary of China Development Bank Financial Leasing. It has significant global reach and has engaged in sale-and-leaseback transactions with Mexican airlines like Volaris for Airbus A320neo aircraft.
  • Maintenance, Repair, and Overhaul (MRO):
    • Aeroman (MRO Holdings): Headquartered in El Salvador, Aeroman is one of the largest and most prominent independent MRO providers in Latin America, servicing aircraft for numerous carriers in the region, including major Mexican airlines.
    • Lufthansa Technik: A leading global MRO provider with a significant presence worldwide, offering extensive technical services to airlines operating in the Latin American market, including Mexico.

• Airline Operations:

  • Passenger Airlines (Mexican):
    • Viva Aerobus: An established Ultra-Low-Cost Carrier (ULCC) based in Monterrey. It operates an all-Airbus fleet, focusing on point-to-point domestic routes and a growing number of international destinations, primarily in the US. Known for its low base fares and strong emphasis on ancillary revenues. Leader in domestic market share in 2024.
    • Volaris: Mexico's largest domestic airline by fleet size and another major ULCC. Based in Mexico City, it operates an extensive network of domestic routes and is the leading Mexican carrier in the US transborder market. Also operates an all-Airbus fleet and heavily relies on ancillary revenues. Second-largest domestic market share in 2024.
    • Grupo Aeroméxico: Mexico's flag carrier and sole remaining full-service network airline. Based at AICM, it operates a diverse fleet (Boeing 737s, 787s) serving domestic and extensive international routes across the Americas, Europe, and Asia. It is a member of the SkyTeam global alliance, offering higher service levels and global connectivity. Third-largest domestic market share in 2024.
    • Mexicana de Aviación: A relaunched, state-owned airline operated by the military. Began operations in late 2023 with a small fleet and limited domestic routes, aiming to provide lower fares but currently holding a very small market share.
  • Passenger Airlines (International with significant Mexico presence):
    • American Airlines: Major US carrier with the largest share of the US-Mexico market among US airlines. Operates numerous routes connecting its US hubs to various Mexican destinations.
    • United Airlines: Another significant US carrier with extensive service between the US and Mexico, holding the second-largest share among US airlines on these routes.
    • Delta Air Lines: Key US carrier with a strategic joint venture and close partnership with Aeroméxico (both SkyTeam members), coordinating schedules and fares on US-Mexico routes. Holds the third-largest share among US airlines.
    • LATAM Airlines: The largest airline group in Latin America, connecting Mexico primarily to South America through its hubs.
    • Copa Airlines: Panamanian airline providing significant connectivity between Mexico and Central/South America via its Panama City hub.

• Distribution and Sales:

  • Global Distribution Systems (GDSs): Major GDS providers like Amadeus, Sabre, and Travelport serve as critical intermediaries, aggregating airline inventory (schedules, fares) and making it available for booking by travel agencies worldwide, including those serving the Mexican market.
  • Passenger Sales Agents (GSAs): Companies such as TAL Aviation and APG Network act as representatives for airlines in specific geographical markets where the airline might not have its own dedicated presence. They handle sales, marketing, and sometimes operational support for international airlines operating to/from Mexico.

• Support Services:

  • Ground Handling:
    • Swissport: A global leader in airport ground services and air cargo handling, providing comprehensive services (ramp, passenger, baggage) at major Mexican airports like AICM.
    • PrimeFlight Mexico: Offers ground handling, passenger services, and cargo handling across several airports in Mexico, serving various airlines.
    • Universal Aviation: Specializes in ground handling and Fixed-Base Operator (FBO) services primarily for business and general aviation clientele at multiple Mexican locations.
    • Aviation Support Group: A domestic company providing ground handling and airline representation services within Mexico.

Estimates of volumes and sizes of the players

• Infrastructure:

  • Airport Operations: Mexico's airports collectively processed over 119 million passengers in 2024 (total domestic & international).
    • AICM (Mexico City): Handled approx. 45.3 million passengers in 2024.
    • CUN (Cancun): Processed over 25.5 million passengers in 2024.
    • GDL (Guadalajara): Handles around 15 million passengers annually.
    • MTY (Monterrey): Handles around 11 million passengers annually.
    • The three major private airport groups (ASUR, GAP, OMA) achieved a substantial combined net profit of MX$98 billion between 2019 and June 2024.
  • Air Traffic Control (ATC): SENEAM faces a critical shortage, estimated at 500 controllers needed in late 2024, representing nearly half the required workforce.
  • Fuel Supply: ASA supplies approximately 15 million liters of jet fuel daily. Pemex is estimated to produce about 40% of the jet fuel consumed domestically, with imports covering the remaining 60%.

• Aircraft and Fleet Management:

  • Aircraft Manufacturing (Global): Mexico's aerospace manufacturing sector, while not producing final large aircraft, is significant, comprising 368 firms and related organizations as of mid-2022, primarily focused on component manufacturing.
  • Maintenance, Repair, and Overhaul (MRO): The Mexican aircraft MRO market generated revenue of USD 945.4 million in 2023. It is projected to grow significantly, reaching US$ 1,471.9 million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 6.5% from 2024 to 2030. Engine overhaul represents the largest MRO service segment by revenue.

• Airline Operations:

  • Passenger Airlines (Mexican Domestic Market - 2024):
    • Total domestic passengers transported by Mexican airlines: 61.5 million.
    • Viva Aerobus: Transported 26,134,302 total passengers (domestic & international). Domestic market share: 38.0%.
    • Volaris: Transported 26,831,341 total passengers (domestic & international). Domestic market share: 33.3%.
    • Grupo Aeroméxico: Transported 25,059,181 total passengers (domestic & international). Domestic market share: 27.5%.
    • Mexicana de Aviación: Transported 256 thousand domestic passengers. Domestic market share: 0.46%.
  • Passenger Airlines (US-Mexico International Market - 2024):
    • American Airlines: Holds approx. 25% market share among US carriers on these routes.
    • United Airlines: Holds approx. 15% market share among US carriers.
    • Delta Air Lines: Holds approx. 10% market share among US carriers.
    • American Airlines and United Airlines combined transported 13.7 million passengers between the US and Mexico in 2024.

• Distribution and Sales:

  • Ancillary Services: While specific figures for Mexico are not provided, this is a critical revenue stream globally. The global airline ancillary services market was valued at USD 170.03 billion in 2022, projected to hit USD 755.14 billion by 2030. Some ULCCs derive over 50% of their total revenue from these services.

• Support Services: Specific volume and size estimates for individual ground handling, catering, or security companies operating solely within Mexico were not readily available in the provided context. However, players like Swissport are major global entities with substantial operations.

Value Chain Summary Table

Value Chain Step	Segments	Types of Players	Main Activities	Estimates of Volumes and Sizes (Mexico, 2023/2024)
Infrastructure	Airport Operations	Private concessionaires (GAP, ASUR, OMA), state-owned (GACM), govt. agencies	Managing terminals, runways, ground transport access, security, commercial activities.	>119M total pax (2024). MEX (~45.3M), CUN (>25.5M). GAP/ASUR/OMA Net Profit: MX$98B (2019-Jun 2024).
	Air Traffic Control (ATC)	Government agencies (SENEAM)	Guiding aircraft, managing airspace, ensuring safe separation, managing takeoffs/landings.	Facing significant shortage (est. 500 controllers needed in late 2024).
	Fuel Supply	State-owned oil co. (Pemex), distribution co., govt. agencies (ASA)	Sourcing, storage, transportation, and delivery of jet fuel.	ASA supplies ~15M liters/day. Pemex produces ~40% of Mexican jet fuel consumption.
Aircraft & Fleet Mgmt.	Aircraft Manufacturing (Global)	Major intl. OEMs (Boeing, Airbus), component manufacturers (some in Mexico)	Designing, manufacturing, assembling aircraft and components.	Mexico aerospace sector: 368 firms (mid-2022).
	Aircraft Leasing and Financing	Aircraft leasing companies (ALC, CDB Aviation), financial institutions	Purchasing and leasing aircraft to airlines.	Major lessors provide aircraft to Volaris, Aeroméxico. Specific Mexican portfolio sizes not detailed.
	Maintenance, Repair, and Overhaul (MRO)	Independent MROs (Aeroman), global MROs (Lufthansa Technik), airline MRO divisions	Scheduled maintenance, repairs, engine overhauls, modifications, painting.	Mexico MRO Market: USD 945.4M (2023), projected USD 1.47B (2030). CAGR: 6.5% (2024-2030). Engine overhaul largest segment.
Airline Operations	Passenger Airlines	Major Mexican (Viva, Volaris, Aeroméxico), state (Mexicana), intl. (AA, UA, DL, etc.)	Route planning, scheduling, marketing, sales, operating flights, customer service.	Mexican airlines: 61.5M domestic pax (2024). Domestic Share: Viva (38.0%), Volaris (33.3%), Aeroméxico (27.5%). Total Pax 2024: Volaris (26.8M), Viva (26.1M), Aeroméxico (25.1M). US-MX Share (US Carriers): AA (25%), UA (15%), DL (10%).
	Cargo Airlines	Dedicated cargo carriers, passenger airline cargo divisions	Logistics, cargo booking, handling, transportation.	Specific Mexican cargo volumes not detailed.
Distribution & Sales	Direct Sales	Airline companies	Selling tickets/services via airline websites, apps, call centers.	Major channel for LCCs/ULCCs; volume share varies by airline.
	Indirect Sales	OTAs, traditional travel agencies, GDSs (Amadeus, Sabre), GSAs (TAL Aviation)	Selling airline tickets and services through intermediaries.	Crucial for reaching broad market segments, especially corporate and international travel.
	Ancillary Services	Airline companies, third-party providers	Offering optional services (baggage, seating, Wi-Fi, etc.) for additional revenue.	Globally significant; some ULCCs >50% revenue from ancillaries. Global market est. USD 170B (2022). Specific Mexican market size not detailed.
Support Services	Ground Handling	Specialized ground handlers (Swissport, PrimeFlight), airline-owned divisions	Baggage handling, ramp services, passenger assistance, aircraft cleaning.	Services provided by multiple competing firms at major airports. Specific volumes not detailed.
	Catering	Airline catering companies	Preparing and delivering in-flight food and beverages.	Volume depends on airline service models (minimal for ULCCs, significant for full-service).
	Security	Government security agencies, private contractors	Screening passengers/baggage, airside security, cargo security.	Essential, regulated service at all commercial airports. Provided in coordination with authorities.

Commercial Relationships

The functioning of Mexico's airline industry relies on a dense network of commercial relationships linking players across the value chain. These interactions are governed by contracts, service level agreements, and prevailing market dynamics.

• Airlines and Infrastructure Providers: Airlines maintain fundamental commercial ties with airport operators (GAP, ASUR, OMA, GACM). They pay aeronautical fees for using essential infrastructure like runways, taxiways, gates, check-in counters, and baggage systems. These often include landing fees, aircraft parking fees, and per-passenger charges (e.g., TUA - Tarifa de Uso Aeroportuario). Airlines also interact commercially with retail and food/beverage concessionaires within terminals, albeit indirectly, as passenger spending contributes to non-aeronautical revenues for airports. The relationship with SENEAM (ATC) involves payments for air navigation services, crucial for safe operations. Fuel suppliers (Pemex, ASA) engage in contractual relationships with airlines for the bulk purchase and reliable delivery of jet fuel, often based on negotiated price formulas tied to market indices.

• Airlines and Aircraft/Fleet Management: Airlines interact commercially with global aircraft manufacturers (Boeing, Airbus) primarily through large-scale purchase orders, although these are often placed by, or in coordination with, leasing companies. The most prevalent commercial relationship here is between airlines and aircraft lessors (like ALC, CDB Aviation). Airlines enter into complex, long-term lease agreements (operating or finance leases) to secure aircraft, paying monthly lease rentals. This relationship allows airlines fleet flexibility and reduces capital expenditure. With MRO providers (Aeroman, Lufthansa Technik, or even competitors' MRO divisions), airlines establish service contracts for scheduled maintenance, engine overhauls, and component repairs. These contracts can be structured per event, based on flight hours (e.g., power-by-the-hour for engines), or as comprehensive long-term agreements.

• Airline Operations and Customers/Partners: The core commercial relationship is between airlines and their customers (passengers and cargo shippers). Airlines sell transportation services, receiving revenue in return. Airlines also form commercial partnerships and alliances. For example, Aeroméxico's joint cooperation agreement (JCA) with Delta Air Lines involves deep commercial integration, including coordinated scheduling, pricing, marketing, and revenue sharing on transborder routes. Proposed alliances, like between Viva Aerobus and Allegiant Air, aim for similar synergistic benefits through commercial agreements. Code-sharing agreements represent another common commercial relationship where airlines sell tickets on flights operated by partner carriers.

• Airlines and Distribution/Sales Channels: Airlines engage commercially with indirect sales channels. They pay commissions or transaction fees to traditional travel agencies, OTAs, and GDS platforms (Amadeus, Sabre, Travelport) for bookings made through these systems. The relationship with GDSs involves contracts for distributing inventory and fares. Airlines invest heavily in their direct channels (websites, apps) to foster direct commercial relationships with customers, bypassing intermediary costs and gaining control over customer data and ancillary sales opportunities. Commercial ties also exist with third-party providers of ancillary services, such as insurance companies or Wi-Fi providers, often involving revenue-sharing agreements.

• Airlines and Support Services: Airlines contract with specialized companies for ground operations. Service Level Agreements (SLAs) define the commercial relationship with ground handlers (Swissport, PrimeFlight), specifying services (baggage handling, ramp operations, passenger assistance) and performance standards in exchange for handling fees, often calculated per flight or per passenger. Similarly, catering companies operate under contracts to provide meals and beverages based on airline specifications and flight schedules. Private security firms are contracted by airlines or airports for specific security functions, complementing the role of government agencies, with payment based on services rendered.

These relationships are often formalized through legally binding contracts detailing scope, service levels, pricing mechanisms, payment terms, liability, and compliance requirements. The bargaining power between players can vary significantly depending on size, market share, and the specific segment (e.g., a large airline negotiating with a smaller regional airport vs. negotiating with a global MRO provider).

Products and Services Exchanged

A wide variety of tangible products and intangible services are exchanged along the Mexican airline value chain, facilitating the end-to-end process of air travel.

• Infrastructure Step:

  • Airport operators provide access to and use of physical infrastructure (runways, terminals, gates, baggage systems) and operational services (airfield maintenance, safety personnel). Airlines pay fees for these.
  • SENEAM provides air traffic control and navigation services. Airlines pay navigation fees.
  • Fuel suppliers (Pemex, ASA) provide aviation jet fuel. Airlines pay for the fuel product and associated delivery services.

• Aircraft and Fleet Management Step:

  • Aircraft manufacturers deliver new aircraft. Airlines or lessors pay the purchase price. Component manufacturers supply parts to the OEMs.
  • Leasing companies provide the use of aircraft assets over a defined period. Airlines pay lease rentals. Financial institutions provide capital/loans. Borrowers pay interest and fees.
  • MRO providers deliver maintenance, repair, and overhaul services (labor, parts, engineering). Airlines pay service fees based on contract terms.

• Airline Operations Step:

  • Passenger airlines provide air transportation services for people and their baggage from origin to destination. Passengers pay airfares and ancillary fees. Alliance partners exchange network access and code-sharing capabilities through commercial agreements.
  • Cargo airlines provide air freight transportation services. Shippers pay cargo rates.

• Distribution and Sales Step:

  • Airlines (Direct Sales) provide booking platform access and ticket issuance. Customers pay the fare and associated fees.
  • Indirect Sales channels (OTAs, Agencies) provide ticket distribution and sales services to airlines. Airlines pay commissions or fees. GDSs provide technology platforms connecting supply and demand. Airlines and agencies pay transaction or subscription fees.
  • Airlines and third parties provide ancillary products/services (extra baggage, preferred seats, insurance, Wi-Fi). Customers make additional payments for these options.

• Support Services Step:

  • Ground handling companies provide airport ground support services (check-in, baggage handling, ramp operations). Airlines pay handling fees.
  • Catering companies provide in-flight meals, snacks, and beverages. Airlines pay for these provisions based on volume and menu complexity.
  • Security providers (government agencies, private contractors) deliver security screening and surveillance services. Funding comes from government budgets, passenger fees (often embedded in ticket price), and direct contracts.

Business Models

The players within the Mexican airline value chain operate under distinct business models that shape their strategies, revenue streams, cost structures, and commercial interactions.

• Infrastructure:

  • Private Airport Operators (GAP, ASUR, OMA): Employ a concession-based landlord model. They invest in and manage airport infrastructure under long-term government concessions. Revenue is generated from a dual stream: aeronautical charges (regulated fees paid by airlines for using essential flight infrastructure) and non-aeronautical revenues (commercial activities like retail, food & beverage, parking, advertising, which are often less regulated and offer higher growth potential). Profitability depends on passenger traffic growth, efficient operations, and maximizing commercial yield.
  • State-Owned Airport Operators (GACM): Operates AICM, potentially balancing commercial objectives with public service mandates and national strategic goals related to connectivity. Revenue streams are similar to private operators but may face different governance and investment constraints.
  • Air Traffic Control (SENEAM): Functions as a public service provider, primarily funded through government allocations and air navigation service charges levied on airlines. Its model is focused on safety and efficiency rather than profit maximization.
  • Fuel Supply (Pemex, ASA): Pemex operates as a vertically integrated state-owned energy company. ASA acts as a government agency focused on fuel logistics (storage, distribution, supply) at airports, likely operating on a cost-recovery or regulated margin basis for its services.

• Aircraft and Fleet Management:

  • Aircraft Manufacturing (Global OEMs): Utilizes a complex industrial manufacturing and sales model, involving extensive R&D, global supply chains, and long sales cycles for high-value assets. Revenue comes from aircraft sales and long-term aftermarket support (spares, services).
  • Aircraft Leasing and Financing: Operates an asset management model. Lessors purchase aircraft (assets) and generate long-term revenue streams by leasing them to airlines (Aircraft-as-a-Service). Profitability hinges on securing low financing costs, managing residual value risk, and maintaining high asset utilization through successful airline placements.
  • Maintenance, Repair, and Overhaul (MRO): Employs a service-based model, providing specialized technical expertise and labor. Revenue is generated through contracts for specific maintenance tasks or comprehensive support packages. Models range from time-and-materials to fixed-price contracts and power-by-the-hour (PBH) agreements (especially for engines), where airlines pay based on usage rather than specific events.

• Airline Operations:

  • Ultra-Low-Cost Carriers (ULCCs - Volaris, Viva Aerobus): Follow a model focused on cost leadership and ancillary revenue maximization. Key features include: high aircraft utilization, point-to-point networks, single aircraft type fleets (Airbus A320 family), high-density seating configurations, unbundled fares (charging extra for almost all services beyond basic transport), and strong reliance on direct online sales. Success depends on maintaining low operating costs and maximizing revenue per passenger through ancillary sales.
  • Full-Service Network Carrier (FSNC - Aeroméxico): Operates a hub-and-spoke network model, offering greater connectivity through its main hub (AICM). Provides bundled fares including more services (checked baggage, meals on longer flights, loyalty program benefits). Targets a mix of business and leisure travelers, often commanding higher average fares. Relies on global alliances (SkyTeam) for extended network reach. Profitability depends on managing network complexity, maintaining service quality, and achieving yield premiums.
  • State-Owned Airline (Mexicana): Its business model is still evolving but appears aimed at providing low-fare competition on key domestic routes, potentially with objectives beyond pure profit maximization, such as enhancing connectivity or acting as a market price regulator, operating under military administration.

• Distribution and Sales:

  • Direct Sales (Airlines): A direct-to-consumer (D2C) model leveraging digital platforms to minimize distribution costs and maximize control over pricing, branding, and customer relationships.
  • Indirect Sales (OTAs, Agencies): Function as intermediaries or resellers, earning commissions or fees per booking. Their model relies on aggregating travel options and providing convenient booking platforms for consumers.
  • Global Distribution Systems (GDSs): Operate as technology platforms and marketplaces, charging airlines for displaying inventory and travel agencies for making bookings (transaction-based model).
  • Ancillary Services: A supplementary revenue model for airlines, unbundling services and selling them separately to increase total revenue per passenger.

• Support Services:

  • Ground Handling, Catering, Security: Typically operate on a business-to-business (B2B) service contract model. Revenue is generated by providing specialized operational services to airlines and airports based on agreed-upon terms, volumes, and service levels. Efficiency, reliability, and cost management are key to their business models.

Bottlenecks and Challenges

The Mexican airline industry, despite its dynamism, faces several critical bottlenecks and structural challenges that constrain growth, impact operational efficiency, and potentially affect long-term competitiveness.

1. Infrastructure Constraints, Especially Airport Capacity: This is arguably the most significant bottleneck, particularly impacting the central region and Mexico City.

   • AICM Saturation: Mexico City International Airport (AICM) has long operated above its official capacity, leading to slot constraints, frequent delays (both airborne and on the ground), and limitations on airlines' ability to add flights or frequencies.
   • Multi-Airport System Challenges: The introduction of Felipe Ángeles International Airport (AIFA) and the continued operation of Toluca Airport (TLC) alongside AICM creates a complex multi-airport system. This presents challenges in terms of air traffic management, ground connectivity between airports, and airline operational adjustments (splitting operations or choosing suboptimal locations). The effectiveness of this system in truly alleviating congestion remains a subject of ongoing evaluation.
   • Lack of Long-Term Capacity Solution: The cancellation of the Texcoco airport project (NAIM), which promised significantly higher capacity, leaves a void in long-term planning for accommodating projected air traffic growth in the country's primary economic hub. This lack of a clear, large-scale infrastructure solution poses a strategic risk.

2. Air Traffic Control (ATC) System Strain:

   • Controller Shortage: SENEAM faces a severe shortage of qualified air traffic controllers, estimated at 500 positions or nearly half the required workforce in late 2024. This leads to increased workload, fatigue, potential safety risks, and operational inefficiencies (e.g., flow restrictions).
   • Airspace Complexity: The redesign of airspace to accommodate the multi-airport system in Mexico City has reportedly added complexity for both controllers and pilots, potentially exacerbating workload issues.
   • Technology and Funding: Concerns have been raised regarding the need for modernization of ATC equipment and systems, potentially hampered by insufficient funding, which could further limit efficiency and capacity.

3. Global Supply Chain Disruptions: The Mexican industry is not immune to global aerospace supply chain problems.

   • Aircraft Delivery Delays: Airlines face delays in receiving new aircraft from manufacturers like Boeing and Airbus due to persistent issues with component suppliers (especially engines). This impacts fleet renewal plans, growth strategies, and fuel efficiency targets. Volaris, for instance, has faced operational impacts due to Pratt & Whitney engine issues requiring inspections and removals.
   • MRO & Spare Parts: Shortages of spare parts and longer lead times for repairs can extend aircraft downtime during maintenance, reducing fleet availability and increasing costs for airlines and MRO providers.

4. Regulatory and Political Factors:

   • Bilateral Agreements & Safety Ratings: Past downgrades of Mexico's air safety rating by the US Federal Aviation Administration (FAA) temporarily restricted Mexican carriers' growth into the US market and limited partnerships like code-sharing. While Category 1 status has been restored, the potential for future regulatory friction or changes in bilateral air service agreements (especially with the US, Mexico's largest international market) creates uncertainty.
   • Government Policy: Decisions regarding airport development strategy, allocation of slots, funding for SENEAM, and overall aviation policy direction significantly influence the operating environment and investment climate for the industry.

5. Intense Market Competition:

   • ULCC Dominance: The strong position and aggressive pricing of ULCCs (Volaris and Viva Aerobus) in the domestic market create intense fare competition, putting pressure on yields (revenue per passenger) for all players, including the full-service carrier Aeroméxico. While stimulating demand, it makes sustained profitability challenging.
   • International Competition: The sizable presence of powerful US carriers on lucrative transborder routes adds another layer of competitive pressure, particularly for Mexican airlines operating internationally.

6. Operational Costs:

   • Fuel Price Volatility: Jet fuel is a major, often volatile, operating expense. Fluctuations in global oil prices directly impact airline profitability, necessitating sophisticated hedging strategies or pass-through mechanisms (often difficult in highly competitive markets).
   • Currency Exchange Rates: Fluctuations in the Mexican Peso against the US Dollar can impact costs, as many significant expenses (aircraft leases, fuel, parts) are often denominated in USD.

7. Labor Relations: While not highlighted as a major bottleneck in the provided text, potential issues related to pilot and crew contracts, working conditions (especially for ATC), and availability of skilled MRO technicians can emerge as challenges impacting operations and costs.

Addressing these interconnected challenges, particularly the structural issues of infrastructure and ATC capacity, is crucial for unlocking the full potential of the Mexican airline industry and ensuring its sustainable development.

Value Chain Relationships and Business Models

The commercial relationships and business models employed by players in the Mexican airline value chain are deeply intertwined, shaping interactions and influencing the challenges faced within these transactions. The nature of these relationships is often dictated by the contrasting business objectives inherent in different models (e.g., cost minimization for ULCCs vs. service scope for FSNCs, profit maximization for private airports vs. public service for ATC).

• Interplay between Airlines and Infrastructure:

  • ULCCs vs. Airports: ULCCs like Volaris and Viva Aerobus, driven by their low-cost model, aggressively negotiate for lower airport charges (landing fees, passenger fees) and often prefer secondary or less congested airports if operationally viable, potentially creating tension with airport operators seeking to maximize revenue from all users. Their model relies on quick aircraft turnarounds, requiring efficient ground handling and gate availability, putting pressure on airport operations.
  • FSNCs vs. Airports: Aeroméxico, as a network carrier operating from a major hub (AICM), requires premium gate locations, lounge access, and facilities suitable for connecting passengers and international widebody aircraft. Its relationship with GACM (AICM operator) is critical but constrained by the airport's saturation. The reliance on a hub model makes it more sensitive to congestion and delays at AICM compared to point-to-point ULCCs.
  • Business Models & Bottlenecks: The profit-driven model of private airport operators incentivizes maximizing non-aeronautical revenue but may not always align perfectly with airline needs for cost reduction or optimal slot allocation. The public-service model of SENEAM, when underfunded or understaffed, directly creates bottlenecks (ATC delays) that impact all airline business models, disrupting schedules and increasing fuel burn.

• Aircraft Management Dynamics:

  • Leasing Model: The prevalence of the aircraft leasing model provides airlines with fleet flexibility but creates long-term financial obligations (lease payments). This relationship requires careful negotiation of terms, return conditions, and maintenance reserves. Supply chain disruptions impacting OEMs directly affect lessors' ability to deliver aircraft, which in turn impacts airlines' fleet plans, irrespective of their operational model (ULCC or FSNC).
  • MRO Relationships: Airlines rely on MRO providers (whether independent like Aeroman or OEM-affiliated) whose service-based model depends on efficiency and expertise. Bottlenecks arise when MRO capacity is tight, or spare parts are unavailable (supply chain challenge), grounding aircraft and impacting airline schedules and revenue generation. Airlines using PBH contracts shift some maintenance cost volatility risk but rely heavily on the provider's ability to deliver.

• Distribution and Sales Interactions:

  • Direct vs. Indirect Models: Airlines employing direct sales models (especially ULCCs) aim to cut costs associated with GDS fees and travel agent commissions. This creates a competitive dynamic with indirect channels. FSNCs often rely more heavily on GDSs and travel agencies to reach corporate clients and international markets, making the commercial relationship and associated costs with these intermediaries more significant.
  • Ancillary Revenue Model: The success of the ULCC model heavily depends on effectively selling ancillary services. This requires sophisticated IT platforms and direct customer interaction, often bypassing traditional intermediaries who may be less effective at selling these extras. This business model drives investment in direct channels and personalized marketing.

• Support Services Relationships:

  • Ground Handling & Catering: Airlines contract these services often based on cost and efficiency. ULCCs demand rapid turnarounds from ground handlers to maximize aircraft utilization. Full-service carriers require more complex catering logistics. Bottlenecks occur if ground handlers are understaffed or poorly equipped, impacting on-time performance for all airline types. The contract-based model means providers must balance service quality with cost pressures from airlines.

In essence, the value chain operates through a series of transactions where differing business models meet. ULCCs seek minimal cost inputs at each stage, FSNCs seek service quality and network efficiency, infrastructure providers seek revenue maximization (within regulatory bounds), and support services aim for operational efficiency under contract. Challenges often arise at the interface between these models, exacerbated by external factors like infrastructure limits or supply chain disruptions, creating friction within the commercial relationships.

Conclusion

The value chain of the Mexican airline industry is a multifaceted system characterized by significant passenger volumes, the dominant presence of Ultra-Low-Cost Carriers in the domestic market, and crucial roles played by private airport consortia, state-owned entities, and global aerospace partners. The analysis highlights robust activity across all segments, from infrastructure management and aircraft fleet provision to core airline operations, sophisticated distribution strategies, and essential support services. Key players like GAP, ASUR, OMA manage major airports generating substantial revenue, while Volaris, Viva Aerobus, and Aeroméxico handle the vast majority of passenger traffic, employing distinct ULCC and full-service business models respectively. Commercial relationships are complex, involving intricate contracts governing fees, leases, service levels, and partnerships, significantly influenced by the underlying business models of the interacting parties.

Despite impressive growth in passenger numbers, the industry faces critical structural and operational challenges that act as significant bottlenecks. Foremost among these are the severe capacity constraints at Mexico City's AICM and the complexities of the surrounding multi-airport system, hindering efficient operations and future expansion. The acute shortage of air traffic controllers within SENEAM poses a direct threat to operational efficiency and safety. Furthermore, global supply chain disruptions continue to impact aircraft availability and maintenance turnaround times. Regulatory oversight and policy decisions remain influential factors shaping the competitive landscape.

Addressing these bottlenecks is imperative for the sustainable growth of Mexico's aviation sector. Key recommendations include: * Developing a clear, long-term national strategy for expanding airport capacity, particularly in the central region, potentially revisiting large-scale solutions. * Investing significantly in SENEAM's resources, including recruitment and training of air traffic controllers, modernization of technology, and adequate funding to alleviate operational strain. * Fostering collaboration between airlines, MRO providers, and regulatory bodies to mitigate the impacts of supply chain challenges through improved planning and information sharing. * Ensuring a stable and transparent regulatory environment that supports investment, safety, and fair competition, particularly regarding bilateral agreements and slot allocation policies.

Further research could delve deeper into the specific economic impacts of the identified bottlenecks, analyze the long-term financial health and strategies of the major airlines beyond quarterly results, and assess the effectiveness of the current multi-airport system in Mexico City over a longer operational period. Understanding the evolving dynamics of ancillary revenue generation and its impact on different customer segments would also provide valuable insights.

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• Mexicana transportó 256 mil de los 55 millones de pasajeros en vuelos nacionales en 2024; apenas 0.46% del mercado - Fábrica de Periodismo. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIJkFrI8VbxveBQP9N6DBoMJpvnrBmd7Kg3hjP60EYOBB1QIebWV4zIW7UROF3xC2lFdnzvWIeHvLpOhLHfQ7oIiKLrngaeApBibfmidst3VysZ382Tmk4VmOVcVicUZKzTGkIpBdVaHTScGUy1RmIlpHcwalwe9bqtBqLRDdbmZID40cz60Xebd7V2zJjvk8BD-SIfw_HMRJgo-_Li6G6ouwGIzjnxvPyZp1q8bbIMByWQ5nU2hADz0bQyC1peO3j9oKPs6Ci53q2zlf3WGtOY=
• Mexico and Canada Centers? - RadioReference.com Forums. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIbsba8JyTMQAFCIQUeIMBKg3V0D7YB9cZIVh85WXRrg6YA5xnTh6ihRT_pHRPy6D6TQiwJUlAp-ct3br-ElhG476lJun4W-XJ7ytxMV6kt3mkLyBhxh4Z0F3t1u9k320oBy1BKKRcaGnLwFUfHuQ6GiF7cGoVhL1a56Cr9Tgr1SnM=
• Mexico City International Airport - Wikipedia. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI_V73OSQRJkI6b1rygcLMZ86pnRxVPNK8cEOHVERLkv5gaKcnHd17ipVKh1Uo_I03Bm4LWqSYCRgtYsRxTMjdyv-pSw-pawcMCSutwEQryeTbkZ2Qg6CVchW3UpgTXUQuBXCYbk3434SuHsUwyNEsiamK6K4M=
• Mexico Lacks 500 Air Controllers, Nearly Half Its Workforce. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI_9a6HilvuiyVv5PxKhwLzBaC-TYO9TswVYt5XI5M1IWUUtwhMweaIxZghXqsmVLZyBdeRQiftlA0NpySe7bNHpSrqkml3GhVZ_O4GKvUJ0VO1AqfFlbrffQn5U8dRk49UX_g7v4Z3S6Su6FDRp5H5X_QwQWjUpOsJNYjLRhp1L6Zl-s7Lbz2UTE_3_x7DHjwlkV5uV3SJ2ugNgA==
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• Mexico's Top Airport Operators Net MX$98 Billion Profit. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALIlwG-eRpQ2ycB_obbFPuH7proTFLBvUDhMBPmqaQkAq6DCYo5qLxynjw-5T3LyNi1vr7hpgFj66uQpRnD4yKVO7f4CUG6YMxKWUPjcv8makhpQ5Pre717FVA9uJNOLMvHwEYlO78N75UEpYUqZWtXJzy2HAesP-qaj-K7b9uQD5q-qw9CeAr4LnG8_HLyjPslNsJ_iCo=
• MRO Market Update and Industry Trends - ICF. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJKDL2lbwgZbCe_V6N15SJI9etdcQ9hGER78fkglwzb940ANR9CfLGiTQ81yBASWvQFk35LpeAfwe0OnVfEFOHIElymythSe7prW5pfz_OSdkpfBlVQ4Ad0Xs0N85dcXKZ7lmWtLFhu1lyhOVXokNxCL7_1ZHl_lfzXH8xavSCe6CXtmibuQKE=
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• PrimeFlight Mexico. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJFz8jlFqhhh8sp_fN-4PfBVlSaTTreLFNBSJ7VaIii4S4KdYLURDHsjJiU251a2Bx4yateatryHKqiV4UxM4fg_6IkgF2wY8PfyD2DizJuFlqKgLcFLNcl
• Registra LATAM Airlines ganancias récord y mayor número de pasajeros en 2024. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKt0qC4TzW3p7If5rxAxQOB25xizFu6b6yfr65ZagdoQab_lCSEyCa0MYmYMiQvsDHH-8wMipRKWo1n9lPAfW5Hb8XWRHaJDPkGDr0g_gnsLarePwqTUdwrOQZKqqHRCdMyUEuUppPyrhBToIVkfHNrPtwbYQ_Ou0OphSoUxYMX0sRIhmqTORFSTZnLlzKi0UjKWDysFXFHljX2dfyN7-p9KV2ZHR1m9fp-Q==
• Reporta Volaris año “notable” con utilidad neta de 126 millones de dólares - Aviación 21. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIw-djK2NQJZy31W84eAk4pKPjRPGQrXEmAkWqHeNfIbK4cY4t4wBy-5lSnterhDBBi9aMFCMofUD_WXiLrniB9CYpc4u0-_l0z-tTtSgN9qS9XdJeUz8zVPVQEoZamUIEEQoUqDRURi1PszxsqRF_MMD58nPhBK5HhSqmFcOkgAkUBdlcoBHsoNKwqJ98MTsqFqtkcLEFawpNmLflHlNDHwGFzJ0Aeu9Cc2n6kyHhPIFCGlo26XvwB5YvixEbfl0QUPquHHO
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• The most in Mexico: American Airlines adds 30th destination as part of a record-breaking schedule. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKRMpLWShPxvvoAQvRces0T8kPkNfz-UHUpSdRBJ4ZD8ZsjOuwYRi301zvTt0-DhzwxneICTopYl_TVLl6a8bO91IofpRUHg-LHxHFx0arABPgNKRecMrQ-uElhysaNLgF-cfFSy9DZZTIMR6Sanx3zjO1uXGELCELLOE9Sr5feQ3s7nZ-naLNfBs-tUrKh6AQBo7hgVV8AtF7Z6aVQxXRawWXhU2kS3Zs_VeroNA1vKtCL40hE538lB9bePYy-uVoo-98ghJi11Eqm0PJuGbTZGJd-h9hipPFNM
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• Volaris Reporta Resultados Financieros del Cuarto Trimestre 2024: Utilidad Neta de $46 millones de dólares - Mziq. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIQJKo-wtRvjghu7cStI65I8KDOI17gPTI_-mYbavQt-SL8zDq-boAc0W-hcsJJVaUBMnXmoUt6_ukireNaNLgVg704-mdiLDm2pyqZxKd9b6rRqjZ2S9Bot48i-LtSkIz0X_FsZ9W5th74OXnQlI5c1M1MHv6yaanbyT2vFXfvnDMIsbV4dRuxiXdhJ-kr4npJP2bM5Zbt2vI8Hh3xEQtxCfU0gYsTrsPVrJo56Wb-
• Volaris Reporta Resultados Financieros del Primer Trimestre 2024: Utilidad Neta de $33 millones de dólares - Mziq. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALrFSfHqmsbO31ZXyW0bbT9gwT5LLpEVWQMT9KyNQCczRVRaT817XAGL2jsZycrYUc1_yEZxSOGKiv32EVveCKmGkLtQPSRDJVXxx0dxd2H0DPpmB8Hz2ieT8ICqQRgBIksvRT4xdemtBPDl0Fto8FttbYRAfyzZEK4C6s7XLZgMmHUDZAZjOEGJB3FG9o1va0vQTlx6WT7b56KJ3zT4friyHRiucbozWJA9kTeWfTW
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