TORONTO, Sept. 12, 2018 /CNW/ - Global auto sales growth slowed down markedly in July owing mainly to year-on-year sales declines in the US, China, and Canada, detailed Scotiabank Economist Juan Manuel Herrera in his latest Global Auto Report published by Scotiabank today. 

The Report includes a wide-ranging look at auto sales across Canada and the U.S., Latin America, Europe, and Asia-Pacific.  Herrera notes that despite weak sales figures in Canada and the US in recent months, vehicle purchases remain only slightly below record-high levels as both markets stabilize around 2.0 mn and 17.0 mn units sold each year, respectively.

"So far in 2018, vehicle sales in Canada have declined by 0.9% y/y compared to the first eight months of 2017, which is in line with expectations of a slight decline in sales in 2018 after record levels last year." wrote Juan Manuel Herrera, Scotiabank Economist. 

Other highlights of the September 12 Report include:

• Ontario posted a slight y/y increase in sales in July, while vehicle purchases in Alberta and BC—over a fifth of the Canadian auto market combined fell by over 10% y/y in each province.
• Auto sales fell in y/y terms for a 15th consecutive month in Mexico in August, as the industry faces headwinds of slow growth in real wages and high lending rates.
• Vehicle purchases in Western Europe surged in July and August as dealers sought to empty their lots of vehicles that will not meet the new EU emission standards set to kick in on September 1.

Scotiabank Economics provides in-depth commentary on economic, financial market, and policy developments, both domestically and internationally.

Read the full September 2018 Global Auto Report online here.

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SOURCE Scotiabank