Skip to main content

The Globe and Mail

Scotiabank hikes auto-sales forecast, sees record year

Sales staff work on deals with customer inside Hyundai of Mississauga, April 22, 2013. Scotiabank is now forecasting record auto sales this year.

J.P. MOCZULSKI/The Globe and Mail

The strength in Canadian vehicles sales in April and May has prompted Bank of Nova Scotia economist Carlos Gomes to raise his forecast for annual sales.

Mr. Gomes is now forecasting a record high level of 1.72 million units, up from his previous forecast of 1.69 million.

The upgrade is driven in part by healthy incentives auto makers are offering in the Canadian market, he said.

Story continues below advertisement

But the new number also depends on auto makers maintaining those incentives through the end of 2013 in the wake of Federal Reserve Board chairman Ben Bernanke's statement that the U.S. central bank will begin reducing liquidity during the second half of the year, he said.

Report an error Licensing Options
About the Author
Auto and Steel Industry Reporter

Greg Keenan has covered the automotive and steel industries for The Globe and Mail since 1995. He also writes about broader manufacturing trends. He is a graduate of the University of Toronto and of the University of Western Ontario School of Journalism. More

Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.