Record high global car sales with solid gains in North America are spurring growth in the Canadian automotive industry, according to a Scotiabank Global Auto Report released today, April 10.
Record auto sales and production across North America are reviving the Canadian auto industry,” says 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.”
Canadian auto sector shipments climbed 18.5 per cent year-over-year in Janaury, above the 12.7 per cent increase in the US and higher than the 7.4 per cent increase in 2014. And for the first time since 2007, annual Canadian auto industry shipments climbed over $86 billion last year.