Global car sales climbed 10 per cent in September — the largest year-over-year gain in three years — according to the Scotiabank Global Auto Report.
In Canada, several automakers reported record sales for the month. Scotiabank estimates that purchases totaled 1.96 million units, which is a gain on the 1.89 million average of the previous two months, but still below last year’s record for September.
Activity was mixed across the country, with sales advancing in five provinces and declining in five.
Ontario and British Columbia outperformed, with sales increasing seven per cent during the first nine months of the year. Fleet volumes lead the way in both provinces and retail activity is moving higher, said Scotiabank.
September’s global acceleration was led by Asia, with purchases climbing 21 per cent compared to last year, alongside a 32 per cent spike in volumes in China.
In the U.S., purchases reached an annualized 17.7 million units in September, up from less than 17 million in August and an average of 17.2 million during the prior eight months. Scotiabank points to a solid labour market, rising incomes, and lower interest rates and fuel prices to support a continued moderate increase in 2017.
September also showed improvement in Brazil, one of the weakest major auto markets in recent years, with sales dropping nearly 50 per cent since 2013.
“Brazil’s vehicle exports have surged nearly 20 per cent so far this year, with export growth accelerating in recent months,” said Carlos Gomes, Senior Economist and Auto Industry Specialist at Scotiabank, in a written release.
Read the full report at: http://www.scotiabank.com/ca/en/0,,3112,00.html.
