Canadian auto sales hit a record in July as cars and trucks continue to fly off dealership lots at a blistering pace in 2013.
Canada is not the only country experiencing strong demand from consumers with a dearth of used vehicles in the market four years after the recession, when fewer cars were taken on leases and are coming off lease now.
Global auto sales are on pace to hit a record in 2013, a remarkable turnaround for the industry that was in the midst of a crisis just four years ago.
Canadian auto sales are expected to come in just shy of a new record in 2012 after another strong month of sales across the country in November.
Ford Motor Co. of Canada, Ltd. remained the top seller in Canada for the month – and for the year to date – with sales up 7.4% year-over-year. The company said that was driven by a 14% jump in car sales during the month and a 6% rise in truck sales.
The Canadian auto industry has seen incredible growth in 2012
Canadians flocked to dealership lots at a record pace in August, enticed by generous incentives and a dearth of used vehicles in the marketplace.
But the blistering pace at which new cars and trucks are flying off the lots is starting to raise some yellow flags for the road ahead for both automakers and consumers.
Overall auto sales in Canada hit an record high in August, up 6.5% over the same month last year. It marked the second-straight monthly sales record in the country.
Volkswagen AG, Europe’s largest automaker, will maintain a high level of spending on developing new vehicles and upgrading factories over the coming five years to underpin its bid to become the world’s largest automaker.
VW plans to invest 84.2 billion euros (US$114 billion) through 2018, the Wolfsburg, Germany-based company said today in a statement. The plan calls for a reduction in average annual spending on property, plants and equipment of about 500 million euros a year, compared with its previous budget.
I mentioned earlier this year that there was no way that US automakers could deliver 11 Million units this year with the workforce on hand. Yet, the were uncertain – as we all were – whether the strong pace of sales at the beginning of the year would continue. [...]
U.S. auto sales are expected to continue at a strong pace in March, capping the best quarter in four years for new vehicle purchases as the overall U.S. economy improved and new car buyers found easier ...
The contrast between the US and European auto markets is stark and captures the significant divergence of the two economies. June auto sales in Europe slumped from a year ago to their lowest level since 1996. In June, US auto sales reached its highest pace since late 2007. US sales are up 11% since last June and are 75% above the low point in early 2009.