TORONTO, Oct. 23, 2018 /CNW/ - Global auto sales
declined in September owing to a combination of one-off factors,
credit restrictions in China, and
economic uncertainty in certain parts of the world, detailed
Scotiabank Economist Juan Manuel
Herrera in his latest Global Auto Report published by
Scotiabank today.
The Report includes a wide-ranging look at auto sales across
Canada and the U.S., Latin America, Europe, and Asia-Pacific. Overall, Herrera notes that
global auto sales fell from near-record levels posted a year ago in
the US and a pullback of inventory-clear-out gains in the European
Union prior to the introduction of new emission standards. Sales in
Canada have also underperformed
2017's record figures so far this year. Total global sales are
expected to expand at a slightly greater rate in 2018 than that
evidenced last year, at approximately 2.5%.
"Canadian auto sales posted a sharp decline from record levels
last year," said Juan Manuel
Herrera, Scotiabank Economist. "However, Canada is still tracking its second strongest
year on record."
Other highlights of the October 23
Report include:
- Tighter lending standards have led to a steep contraction in
Chinese auto sales. After a relatively strong start to 2018, sales
for the year may come only slightly above 2017's levels.
- USMCA, the rebranded NAFTA, will raise regional content
requirements for automobiles and parts exports in North America and provides Canada and Mexico with exemptions from US 'national
security' tariffs.
Scotiabank Economics provides in-depth commentary on economic,
financial market, and policy developments, both domestically and
internationally.
Read the full October 2018 Global
Auto Report online here.
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SOURCE Scotiabank