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January Canadian auto gross sales up an estimated 0.6% as chip crunch continues

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Canadian auto gross sales crept up 0.6 per cent in January in comparison with the identical month a 12 months in the past as car shortages attributable to semiconductor provide points proceed to weigh on the trade, says DesRosiers Automotive Consultants.

The consultancy estimates new gentle automobiles gross sales got here in at 91,411 models for the month, up from 90,890 in 2021. To place that additional into context, automakers in January 2020 offered an estimated 109,616 new gentle automobiles.

There seems to be to be little reprieve to the scarcity on the horizon.

AutoForecast Options’ (AFS) newest weekly estimate of the variety of automobiles faraway from manufacturing due to the semiconductor scarcity this 12 months jumped considerably for the second consecutive week.

AFS, which intently displays the impression of the chip scarcity on manufacturing, mentioned Jan. 31 that about 230,700 automobiles have been reduce at vegetation worldwide this 12 months, up about 23 per cent from every week earlier. It reported a 25-per-cent week-over-week leap in its earlier estimate.

DesRosiers mentioned the seasonally adjusted annual fee of gross sales got here in at 1.66 million for the month. 

Desrosiers managing accomplice Andrew King mentioned within the report that whereas January is often the bottom gross sales month of the 12 months, there may be clearly nonetheless a discrepancy between market demand and provide.

Scotiabank Economics on Jan. 27 mentioned in its most up-to-date international auto report that “demand situations remained robust, significantly in international locations the place huge coverage helps have been nonetheless in place.”

“This has put family steadiness sheets on a firmer footing, underpinned by stable job recoveries in markets just like the U.S. and Canada,” the report mentioned.

Scotibank says the persistent supply-demand imbalance drove car value appreciation in each new and used markets in 2021 and the monetary establishment expects that pattern to proceed.

“We assume international auto manufacturing continues to play catch-up for a lot of 2022 which might imply the pricing surroundings is prone to stay elevated over this horizon.”

Among the many handful of automakers nonetheless reporting month-to-month gross sales, Hyundai posted the largest achieve, up 26.6 per cent over final January. The automaker offered 7,076 new automobiles. Subaru wasn’t far behind, up 24.8 per cent with 3,310 offered. Toyota sustained the largest decline in gross sales, down 2.8 per cent to 11,498 models.

With recordsdata from the Canadian Press.

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