Car sales fell 16% in July
Automotive consulting firm DesRosiers said Canadian auto sales fell 16.2% in July from a year earlier because of a shortage of available vehicles.
The consulting firm estimates 130,480 new light vehicles were sold during the month as automakers continue to grapple with semiconductor supply chain issues.
This volume is the smallest July sales since 2001 and 24.8% lower than sales for July 2019.
DesRosiers said that despite weak overall sales, the numbers also show the “first green shoots” of improving supply in a small number of companies.
It said the seasonally adjusted annual sales rate for July came in at 1.43 million, which is generally in line with the soft results seen in recent months.
DesRosiers said the recovery from the semiconductor shortfall will be uneven and uneven.
This report by the Canadian Press was first published on August 4, 2022.