TORONTO, ON - December 05, 2013 /CNW/ - Global car sales re-accelerated in October, as a 33% surge in China drove overall volumes 9% above 2012 levels, according to the latest Scotiabank Global Auto Report.

"Profitability for the five largest auto manufacturers remains healthy, with gross margins at 10-year highs and net income consistently exceeding USD$50 billion per year since 2011," said Carlos Gomes, Scotiabank's Senior Economist and Auto Industry Specialist. "Profitability is highest in North America, but is improving in every region, including Western Europe, the only jurisdiction where the industry remains unprofitable."

Highlights in the report include:

• In Canada, November sales set a fifth consecutive monthly record. Car and light truck purchases rose 6.5% above a year earlier, keeping volumes above an annualized 1.8 million units for the second consecutive month, and well above the January-September average of 1.735 million.
• Investment by the global auto sector now exceeds 5% of overall sales, the highest level since 2005 and a significant improvement from only 3.6% in 2010, when the global economic expansion was just getting underway.
• While automakers have started to close plants in Western Europe, they continue to ramp up their capital expenditures in other regions -- especially in the rapidly-growing emerging markets of Asia and Latin America. 

Read the full Scotiabank Global Auto Report at http://www.scotiabank.com/ca/en/0,,3112,00.html.

Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 21 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. Scotiabank distributes the Bank's media releases using CNW. With assets of $743 billion (as at July 31, 2013), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information please visit www.scotiabank.com.

For high-resolution video clips visit http://media.scotiabank.com/cdaen/multimedia/mc-videos.html. For more Scotiabank economic publications visit http://www.scotiabank.com/ca/en/0,,3112,00.html.

Carlos Gomes 
Scotiabank Economics
(416) 866-4735
carlos.gomes@scotiabank.com

Devinder Lamsar
Scotiabank Media Communications
(416) 933-1171
devinder.lamsar@scotiabank.com