Disappointing June auto sales results were offset by Q2 gains in the Canadian market, and total first-half volume climbed 8%.
A bevy of deeply disappointing June auto sales results wasn’t enough to undo a modest second-quarter improvement in the Canadian market. Compared with the second-quarter of 2023, auto sales in the April-June period rose 3% as total first-half volume climbed 8%.
Just a blip on the radar? Unlikely. Assuming that pent-up demand from years of limited supply is now at least somewhat sated, conditions aren’t exactly ripe for a strong second-half auto market. Interest rates remain high; new-vehicle prices are still at uncomfortably lofty levels; unemployment is ticking up — peak-pandemic aside, youth unemployment is at its highest point since the fall of 2014.
Scanning the first-half of 2024 in its entirety, however, might lead you to believe almost exclusively in sunshine and four-wheeled roses. The average first-half year-over-year gain for Canada’s nine best-selling auto brands was 21%. Canada’s eight best-selling SUVs have collectively added over 31,000 units to sales ledgers so far this year.
Canadian auto brand sales
5. Nissan: 51,984, up 17%
4. Honda: 57,401, up 10%
3. Hyundai: 66,008, up 19%
2. Chevrolet: 70,103, up 13%
1. Toyota: 109,833, up 20%
Best-selling cars in Canada
5. Volkswagen Jetta: 5,882, up 79%
4. Toyota Camry: 7,076, up 37%
3. Hyundai Elantra: 9,641, down 8%
2. Toyota Corolla: 14,427, up 18%
1. Honda Civic: 14,529, up 15%
Best-selling trucks in Canada
5. Toyota Tacoma: 4,855, down 35%
4. Chevrolet Colorado/GMC Canyon: 6,411, up 44%
3. Toyota Tundra: 6,790, up 22%
2. Ram P/U: 31,708, down 24%
1. Chevrolet Silverado/GMC Sierra: 58,017, down 0.2%
Best-selling SUVs and crossovers in Canada
5. Hyundai Tucson: 15,461, up 19%
4. Hyundai Kona: 17,972, up 83%
3. Nissan Rogue: 18,893, up 47%
2. Honda CR-V: 26,251, up 11%
1. Toyota RAV4: 42,116, up 11%
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