Canadian Car Industry Showing Signs Of Growth
The recession has hit many Canadian businesses hard. It has been well documented that that as a result of the struggling economy, many industries have seen a decline in sales and the overall successes of their businesses.
The automobile industry, of course, has not escaped the nation's financial crisis. However, recent statistics have shown that the auto industry in Canada may be well on its way back to a state of prosperity. A recent report by The Canadian Press explains that Ford happens to be enjoying the best success among all auto makers this year.
According to the report, “Ford claimed top spot in Canadian auto sales for the second month in a row as the number of vehicles it sold in July rose 47.4% above the same month last year. The company (claims sales of ) 26,788 vehicles in July. The number of trucks sold by Ford was up 59.9% to 21,668 while car sales rose 10.9% to 5,120.”
Such results bring about great hope for Canadian auto makers. With Ford having an increase in sales, there is now evidence that supports the idea that Canadians are spending money more confidently again. Already, “total year-to-date sales for Ford in Canada are 2.3% higher than at the same time last year.”
General Motors and Toyota Canada Inc. followed Ford as Canada's most successful auto makers so far in 2009, even though these two companies are still in the process of reclaiming the sales numbers that they achieved in 2008.
The Canadian Press report notes that GM's sales are down by 41.6% while Toyota's sales are down by 12.5%. There was some promising news for Toyota, however. Their Lexus models sold 1,512 cars in July which marked a 13.9% boost, as there was a significant increase in sport-utility vehicle sales which is up by 87.1%.
Clearly, the auto industry is not completely out of the woods yet. But there is hope that it is headed in a direction that will improve the overall economic situation in Canada in the near future.