Auto sales for October down 17.7% from last year on lack of supply
BNN Bloomberg
DesRosiers Automotive Consultants says Canadian auto sales were down 17.7 per cent in October from a year earlier as vehicle shortages caused by semiconductor supply issues continue to weigh on the industry.
TORONTO - DesRosiers Automotive Consultants says Canadian auto sales were down 17.7 per cent in October from a year earlier as vehicle shortages caused by semiconductor supply issues continue to weigh on the industry.
The consultancy estimates light vehicle sales totalled 128,419 for the month for the lowest October sales since 2011.
The drop in October was second this year only to September's 19.6 per cent fall from a year earlier.
DesRosiers says the seasonally adjusted annual rate of sales came in at a “limp” 1.57 million.
King, managing partner at DesRosiers, says that while there were some tentative signs of improved availability for one or two key models, the overall picture for the month was of a market held back by continued supply chain problems.
The auto sector has been hit especially hard by the chip shortage, which is due to pandemic-related production issues and a surge in demand for electronics.
