Canadian auto industry profitable as early as 2010
"The Canadian auto industry appears to have turned a corner in the second half of 2009 and is expected to return to profitability in 2010," said Sabrina Browarski, Economist. "However, production will remain below historical levels. Manufacturers will have to make concerted and ongoing efforts to streamline product line-ups, control costs, and innovate to maintain profitability."
The industry will close 2009 with a pre-tax loss of
Canadian auto production virtually came to a halt at the beginning of 2009, operating at just 26 per cent of capacity in January. For the year as whole, production will be barely half of what it was in 2007. Production is expected to steadily improve as U.S. car sales recover, but production will remain below its historic high in the medium term.
For further information: For further information: Brent Dowdall, Media Relations, Tel.: (613) 526-3090 ext. 448, E-mail: [email protected]
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