Issue: Sep 2010


Canada New Motor Vehicle Sales July 2010



Canadian new motor vehicle sales rise by 2.4% in July

by IHS Global Insight

Sales hold up pretty well after declining in the second quarter

Truck sales drive the monthly increase for the eighth consecutive month

Bottom Line

Statistics Canada's estimate for seasonally adjusted new motor vehicle sales climbed 2.4% in July following a 2.5% jump in June.

June's number was revised upward by 1.6%., so second quarter sales are now down by 2.5%.

Both passenger car and truck sales increased in July, up 1.6% and 3.1%, respectively.
On a non-seasonally adjusted basis, July sales were down 3.9%.

Sales of North American-manufactured vehicles were up 3.2%, while sales of oversees-built vehicles were down 0.3%.

Sales of new motor vehicles are still down 2.0% from their February peak.

Outlook

Statistics Canada's estimate for seasonally adjusted new motor vehicle sales climbed 2.4% in July following a 2.5% jump in June.

Truck sales accounted for 56.8% of total sales - almost doubling passenger car sales - and are now up 20.1% for the year ending in July.

Passenger car sales were up 1.6% in July, the second consecutive monthly increase. On a yearly basis, passenger car sales are down 7.2%.

The largest increases in sales were seen in Ontario and Quebec, jumping 4.0% and 3.9%, respectively. Saskatchewan and the Atlantic were the only two regions to post declines, falling by 3.2% and 4.6%, respectively.

Recent reports on motor vehicle sales in Canada suggest that they holding up reasonably well early in the third quarter after declining in the second quarter.

Nevertheless, there is substantial downward momentum in housing, exports and inventory investment that will keep growth contained in the third quarter to just below 1%.

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