TORONTO, Ont.–Global car sales climbed to record highs in February, according to the Scotiabank Global Auto Report released April 10. However, the gain moderated to less than one per cent above a year earlier, the smallest increase in two years. Western Europe posted the fastest growth, followed by solid gains in North America and Asia, while activity continued to weaken in both Eastern Europe and South America.
“Record auto sales and production across North America are reviving the Canadian auto industry,” said Carlos Gomes, Senior Economist and Auto Industry Specialist at Scotiabank. “The auto sector is leading the manufacturing resurgence across the Canadian industrial heartland, is gaining market share globally, and momentum has accelerated in the opening months of 2015.”
According to the report, Canadian auto sector shipments surged 18.5% year-over-year in January, well above the 12.7% increase reported south of the border, and considerably higher than the 7.4% increase in 2014. Annual Canadian auto industry shipments climbed above $86 billion last year for the first time since 2007.