NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

UPDATE 2-Canada January auto sales climb, set record for month

Published 2017-02-01, 05:45 p/m
© Reuters.  UPDATE 2-Canada January auto sales climb, set record for month
GM
-
F
-
HMC
-

(Adds analyst comment, estimate of total Canadian sales)

By Susan Taylor

TORONTO, Feb 1 (Reuters) - Canadian car and light truck sales rose 2.2 percent in January over last year to an all-time record for the month, DesRosiers Automotive Consultants said on Wednesday, as the big Detroit Three automakers posted gains that contrasted with U.S. declines.

Total sales in Canada climbed to 110,945 light vehicles in January, up from 108,572 in the same month last year, DesRosiers said, beating the previous record-setting January sales of 110,266 vehicles in 2002.

Fiat Chrysler Automobiles NV's FCAU.N Canadian arm topped the industry in January, with 16.6 percent of the market, and Ford Motor (NYSE:F) Co's F.N Canadian unit ran second, with a 15.5 percent market share, according to DesRosiers, which compiles industry market research and is considered one of Canada's leading auto analysts.

"It is too early to comment with certainty on how the market will perform this year, as January is rarely a reliable indicator, but this is at least a positive start," said Dennis DesRosiers, president of the consultancy.

FCA Canada said sales increased 2.0 percent in January, over the same month last year, to 18,443 vehicles. Higher-profit retail sales to individual consumers, which U.S. automakers are pushing, were 75 percent of sales, it said. Bulk fleet sales were 25 percent of its overall sales.

Ford Motor Co of Canada said sales increased 3.5 percent to 17,232 vehicles. Truck sales rose 6.1 percent to 15,371 vehicles, offsetting a 13.9 drop in car sales to 1,861 vehicles.

General Motors Co (NYSE:GM) GM.N said its Chevrolet, GMC and Cadillac dealers in Canada sold 14,605 vehicles in January, up 1.5 percent from the same period last year. Sales of Chevrolet vehicles gained 4 percent, Buick models 40 percent and GM utility vehicles 14 percent, while Cadillac sales dropped 19 percent, it said.

Honda Canada Inc 7267.T reported a 2.0 percent increase in January sales, to 10,173 vehicles, as Honda sales climbed 2.0 percent to 9,131 vehicles to offset a 2 percent drop in Acura sales, to 1,042 vehicles.

Monthly U.S. vehicle sales declined from strong year-ago levels as automakers scaled back bulk sales to focus on retail sales, but the numbers were still better than analysts expected. sales fell 1.8 percent to 1.14 million vehicles, or a seasonally adjusted annualized rate of 17.61 million vehicles, down from 17.9 million vehicles a year earlier, according to Autodata. The annualized rate was roughly in line with a forecast of 17.55 million in a poll by Thomson Reuters.

Industry executives are optimistic 2017 U.S. sales could reach another record, lifted by policies expected from President Trump.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.