2013 Canadian Passenger Vehicle Sales Forecast Increased to a Record
1.72 Million Units
TORONTO, June 27, 2013 /CNW/ - Global vehicle sales continued to move
higher in May, but the pace of growth moderated to 3.5% year over year
(y/y) from an average of 5% during the previous four months, according
to the Scotiabank Global Auto Report released today.
"Slower sales gains reflect a recent softening in purchases in Eastern
Europe - especially Russia - and India, as well as ongoing declines in
the euro zone," said Carlos Gomes, Scotiabank's Senior Economist and
Auto Industry Specialist. "Canadian passenger vehicle sales have
averaged an incentive-induced, seasonally adjusted annual rate of 1.75
million units in April and May, well above Scotiabank's previous
Highlights in the report include:
Scotiabank is increasing the Bank's 2013 Canadian passenger vehicle
sales forecast to a record 1.72 million units, from 1.69 million.
Scotiabank continues to forecast a 10% increase in vehicle sales in
China this year as employment growth and urban income growth show no
sign of abating.
Crossover utility vehicles (CUVs) sales in China have been posting
explosive growth in recent years, including a 20% surge in 2012 to 2.5
Canada would seem to be well positioned to be a significant beneficiary
of the rising popularity of crossover utility vehicles. These models
account for 40% of Canadian vehicle production and their share will
increase further as Toyota continues to ramp up RAV4 output in
However the reality is that almost all of the crossovers produced in
Canada remain in North America.
Read the full Scotiabank Global Auto Report 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.
Scotiabank is a leading multinational financial services provider and
Canada's most international bank. With more than 83,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication. With assets of $754 billion (as at April 30, 2013),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.
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For further information:
Carlos Gomes, Scotiabank Economics, (416) 866-4735, email@example.com; or
Joe Konecny, Scotiabank Media Communications, (416) 933-1795, firstname.lastname@example.org.