SOURCE: Scotiabank

Scotiabank

April 10, 2015 08:00 ET

Canadian Auto Industry Leads Manufacturing Rebound: Scotiabank

TORONTO, ON--(Marketwired - April 10, 2015) - Global car sales climbed to record highs in February, according to the Scotiabank Global Auto Report released today. However, the gain moderated to less than one per cent above a year earlier, the smallest increase in two years. Western Europe posted the fastest growth, followed by solid gains in North America and Asia, while activity continued to weaken in both Eastern Europe and South America.

"Record auto sales and production across North America are reviving the Canadian auto industry," said Carlos Gomes, Senior Economist and Auto Industry Specialist at Scotiabank. "The auto sector is leading the manufacturing resurgence across the Canadian industrial heartland, is gaining market share globally, and momentum has accelerated in the opening months of 2015."

Other highlights from the report include:

  • Canadian auto sector shipments surged 18.5% year-over-year in January, well above the 12.7% increase reported south of the border, and considerably higher than the 7.4% increase in 2014.
  • Annual Canadian auto industry shipments climbed above $86 billion last year for the first time since 2007.
  • Car and light truck sales in Canada are being bolstered by low gasoline prices, with volumes climbing to an annualized 1.86 million last month and setting a record for the month of March.
  • Vehicle purchases in the United States climbed back above an annualized 17 million units in March, up from an average of 16.4 million during the previous two months.

Read the full Scotiabank Global Auto Report online at: http://www.scotiabank.com/ca/en/0,,3112,00.html.

Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

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