TORONTO, Sept. 12, 2018 /CNW/ - Global auto sales growth
slowed down markedly in July owing mainly to year-on-year sales
declines in the US, China, and
Canada, detailed Scotiabank
Economist Juan Manuel Herrera in his
latest Global Auto Report published by Scotiabank today.
The Report includes a wide-ranging look at auto sales across
Canada and the U.S., Latin America, Europe, and Asia-Pacific. Herrera notes
that despite weak sales figures in Canada and the US in recent months, vehicle
purchases remain only slightly below record-high levels as both
markets stabilize around 2.0 mn and 17.0 mn units sold each year,
respectively.
"So far in 2018, vehicle sales in Canada have declined by 0.9% y/y compared to
the first eight months of 2017, which is in line with expectations
of a slight decline in sales in 2018 after record levels last
year." wrote Juan Manuel Herrera,
Scotiabank Economist.
Other highlights of the September
12 Report include:
- Ontario posted a slight y/y
increase in sales in July, while vehicle purchases in Alberta and BC—over a fifth of the Canadian
auto market combined fell by over 10% y/y in each province.
- Auto sales fell in y/y terms for a 15th consecutive month in
Mexico in August, as the industry
faces headwinds of slow growth in real wages and high lending
rates.
- Vehicle purchases in Western
Europe surged in July and August as dealers sought to empty
their lots of vehicles that will not meet the new EU emission
standards set to kick in on September
1.
Scotiabank Economics provides in-depth commentary on economic,
financial market, and policy developments, both domestically and
internationally.
Read the full September 2018
Global Auto Report online here.
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SOURCE Scotiabank