• Wednesday, November 29, 2023
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Global auto sales looks northwards


Global auto sales increased 8% year-on-year in April, compared with the sluggish first quarter. A report published by the Scotiabank Global Auto Report said that although the increase was broad-based, the improvement was led by a rise of 30% in South America.

“The strength in global car sales combined with low inventories in many countries are prompting automakers to ramp up production across most of the world, a development that will support manufacturing and overall economic activity, at a time when some surveys point to moderation on the factory floor,” said Carlos Gomes, Scotiabank’s senior economist and auto industry specialist.

Meanwhile, sales have continued to increase in May, with US passenger vehicle sales up to 15.3 million units, compared with 15.1 million units reached in the first three months of the year. The consumer confidence has reached the highest level since 2008, thanks to the improving housing market and the easy credit. With the improvement of the construction and business sectors, Pickup truck sales went up 26% for the Detroit Three.

Sales in Canada increased 5% in May to an annualised 1.78 million units, the highest level since 2008. The leading segment was the light trucks, up 8% year-on-year. During the first 5 months of the year light truck sales increased 6%, with growing demand especially in Western Canada.