OTTAWA — Canadian and North American car sales will hit new post-recession peaks this year, predicts a new Scotiabank report, in another indication the hard-hit auto industry is recovering after being on the verge of collapse four years ago.
Scotiabank’s latest global auto report predicts vehicle sales in Canada will increase to 1.69 million units in 2013 — just shy of the 1.7 million record set in 2002 — following a strong six per cent pickup in 2012.
Meanwhile, U.S. sales are starting to rebound strongly from the slump of 2009, and will hit 15 million this year. That is still below the pre-recession highs of about 17 million, but the best since the slump.
The outlook is especially rosy for Ontario’s automotive industry, which is home to American and Japanese-owned auto assembly plants and their suppliers. Together they build cars, minivans and other vehicles for the Canadian and U.S. markets.