July auto sales down 16 per cent from last year as shortages persist
Written by The Canadian Press on August 4, 2022
TORONTO — DesRosiers Automotive Consultants says Canadian auto sales were down 16.2 per cent in July compared with a year earlier because of a shortage of available vehicles.
The consultancy estimates 130,480 new light vehicles sold in the month as auto manufacturers continue to struggle with semiconductor supply chain issues.
The volume was the smallest July sales since 2001, and 24.8 per cent below sales for July 2019.
DesRosiers says that while overall sales were weak, the numbers also show the “first green shoots” of improved supply at a small number of companies.
It says the seasonally adjusted annual rate of sales for July came in at 1.43 million, generally in line with the soft results seen in recent months.
DesRosiers says the recovery from the semiconductor shortage will be uneven and unequal.
This report by The Canadian Press was first published August 4, 2022.
The Canadian Press