(Bloomberg) -- An influx of new immigrants and demand from consumers who couldn’t get cars during the Covid-19 pandemic are helping automotive sales stay...
-- An influx of new immigrants and demand from consumers who couldn’t get cars during the Covid-19 pandemic are helping automotive sales stay resilient in Canada .Nvidia Stock Surges as Sales Forecast Delivers on AI Hopes
During the pandemic, vehicle production slowed and supply chain disruptions resulted in a global chip shortage, which led to a limited supply of cars. Canada’s population surged by 1.3 million last year. The growth in the consumer base has helped boost retail sales, including in the automotive sector.
This rapid rise in immigration has helped Canada maintain higher automotive sales, while countries that also saw increased demand coming out of the pandemic, like the US, are seeing bigger declines in sales.Although sales in Canada are seeing strength from immigration, automotive dealers are also dealing with headwinds from heightened inflation and interest rates. However, with Bank of Canada interest rate cuts potentially coming as soon as June, some of the factors could start to ease.
Car Sales Retail Sales Canada Automotive Sales Statistics Canada Royal Bank Of Canada Population Growth
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Immigration and Pent-Up Demand Drive Growing Car Sales in CanadaAn influx of new immigrants and demand from consumers who couldn’t get cars during the Covid-19 pandemic are helping automotive sales stay resilient in Canada.
Read more »
Tesla, Ford drive demand for federal ZEV rebatespFederal electric-vehicle rebate claims rose to just over 18,000 in March, driven by particularly strong showings from Tesla and Ford. /p
Read more »
Samsung says AI to drive technology demand in second halfExplore stories from Atlantic Canada.
Read more »
Demand for Adidas’ retro-style Gazelle, Samba shoes helps drive strong first-quarter growthWhile its home market of Europe saw growth, North America was a weak spot as retailers remain overstocked, Adidas said
Read more »
Data Centers Will Drive Demand for Natural Gas, TC Energy SaysThe growth of power-hungry data centers will send demand soaring for natural gas as more of the fuel is used to generate electricity, according to TC Energy Corp., the largest operator of natural gas pipelines in North America.
Read more »
Hot Commodity Silver Sets Pace as Demand and Deficit Drive RallyGold’s record-setting rally may have captured the headlines this year, but it’s silver that’s running harder and faster as the less glamorous metal benefits from robust financial and industrial demand.
Read more »