While the overall Canadian automotive market continues to be positive, the pace of sales growth has decreased compared to earlier this year. PHOTO courtesy Stellantis.
The Canadian new light vehicle market, a critical customer for metalworking, has begun showing some early signs of concern, with the luxury market in negative territory YTD, and significant variance appearing at the OEM level, according to Desrosiers Automotive Consultants (DAC).
“In regards to regional performances, while the markets were all positive across Canada in April, the scale of increases varied notably,” DAC notes in its monthly market analysis. “It was Ontario that saw the lowest sales increase from reporting manufacturers with “only” a 9.8% gain. Contrasted against this was Saskatchewan with a 23.0% increase, while Quebec gained an impressive 19.8%. Year-to-date, the Atlantic provinces lead the way with increases near or above twenty percent.”
Overall, April 2024 saw sales reach an estimated 164 thousand units sold, a 14.0% increase compared to a weak April 2023. “While the overall market continues to be positive, the pace of sales growth has decreased compared to earlier this year” commented Andrew King, Managing Partner at DAC. He continued, “The industry SAAR fell below 1.7 million in April – the lowest we have seen so far in 2024, and a far cry from the levels above 2 million seen in January and February.”
