Mexico is leading global car sales, according to the latest Scotiabank Global Auto Report.
“Mexico has posted the strongest gains in new car sales across the world this year, with first-quarter volumes surging 22 per cent above a year earlier and spearheading gains across North America,” said Carlos Gomes, Senior Economist and Auto Industry Specialist, Scotiabank, in a written release.
Gomes attributed Mexico’s record auto sales to employment gains, increased consumer confidence and more vehicle affordability.
He also said the number of potential car buyers in Mexico is nearly four times greater than in Canada, and the working age population is expected to expand six times faster than its NAFTA partners over the coming decade.
“The strength of the Mexican auto market will help lift North American sales and production to record highs this year, surpassing the peak that had been in place since the turn of the millennium,” added Gomes.
Scotiabank reported global car sales accelerated to a three per cent year-over-year increase in March, led by double-digit gains in Mexico, China and Western Europe.
Purchases in Canada, led by light trucks and luxury models, set a record for the month of April, exceeding an annualized 1.9 million units. That’s up from an average of just under 1.8 million between January and March.
