StatsCan reports record auto sales for May 2017: 11 per cent over last year

Spring fever hit the auto sector as annualized sales reached 2 million units for the month of May, 2017, according to StatsCan. This makes 11 per cent over the same period 2016. Spring is typically incentive season — in full force with most auto makers.

 

 

Car sales on the other hand jumped 3 per cent over last year. StatsCan reports:

“This represents the first advance since the spring of 2015. Prior to last month’s upturn, car sales had declined 5% through May. Last month’s gain in light truck purchases was also nearly triple the increase of the previous five months.”

The report also concluded enhanced incentives was a major reason for the uptick, combined with other factors such as consumer confidence: “Enhanced incentives and a fierce fight for market share has narrowed the sales gap among the top three market leaders to less than 5,500 units so far this year, down from nearly a 21,000-unit difference a year ago.”

Other factors contributing to the surge, in addition to incentives, were consumer confidence, a strong labour market, rising wages and low interest rates.

Although this is good news, the same report did see sharp declines in fleet deliveries in the U.S. Statscan: ““We estimate that overall U.S. sales totalled an annualized 16.6 million last month, lower than analysts’ expectations and well below the January-to-April average of 17.1 million. However, retail volumes were stronger than expected in May, climbing 2% year-over-year for North American manufacturers.”

Did you miss this?

Other Popular Stories

  • Strong manufacturing rebound in February led by energy sector
  • Closing GM Oshawa would cost economy billions: UNIFOR
  • Automation, robotics to have profound effect on industry in coming years
  • Carbon neutral concrete? They're working on it.
  • Canada's manufacturing sales rose in 2016, led by cars, food
  • UC engineers create first semiconductor-free microelectronics device
  • Automotive and chemical manufacturing pull up overall Canadian manufacturing sales to higher level than projected
  • Canadian work in composite materials honoured with innovation awards
  • SpaceX "first orbital class rocket capable of reflight" test flight today: $12 billion in contracts and a 100 missions at stake: live feed of launch
  • Ontario must develop its cybersecurity industry to remain competitive: report
  • Global Warming Cap Could Save Economy Trillions
  • Pratt & Whitney Canada to invest $275 million in Quebec plant
  • World's oil suppliers in for a shock: IEA
  • Inter Pipeline will spend $2.6 billion to transport bitumen to oil sands projects
  • CAE announces new flight simulator sales, higher profits
  • Windsor auto industry growing, needs skilled workers: report
  • Auto sales surging in North America, plunging in Russia
  • Study on the Effects of Space on Humans Has Interesting Results
  • Time running out for dealing with global greenhouse emissions: report
  • Nuclear industry makes do with refurbishment as new plants cancelled
Scroll to Top