Canada’s auto sales fell for the eighth straight month in November, as a rise in interest rates dampened demand for new cars.
Total auto sales tumbled 9.4 per cent to 143,668 units according to a report by Global Automakers Canada (GAC).
Despite an increase in consumer confidence of over two points in November that has not translated into higher vehicle sales, Global Automakers Canada President David Adams said
The Bank of Canada raised interest rates in October, its fifth hike in 16 months, and signalled more rate hikes to come in 2019 as it looks to meet its inflation target.
General Motors Co, the country’s biggest car maker, reported an 18.3 per cent drop in sales.
Last week, GM announced the closure of its Oshawa plant, which came as a blow to workers in Canada.
The decision is part of a wider restructuring, affecting nearly 3,000 assembly line jobs in the Ontario city out of the automaker’s Canadian work force of 8,150.
Toyota Motor Corp reported a 10.4 per cent rise in monthly sales to 18,731 units, according to the data published by GAC.
Earlier in the day, top U.S. automakers including General Motors, Ford Motor Co and Fiat Chrysler reported better-than-expected sales driven by the holiday season deals.