Canada’s auto sales dipped for the seventh straight month in October due in part to higher interest rates. According to DesRosiers Automotive Consultants, Canadian auto sales were of 161,125 units in the tenth month of the year, which represents a 1.9% drop compared to same month from a year earlier.
Year-to-date sales are now 1.6% down to 1,727,035 light trucks and cars, revealed data from the analysis firm (PDF). Passenger car sales saw a decline of 6.9% while deliveries of pickups and SUVs barely moved up 0.2%.
Canada is Mexico’s second most important destination for auto exports. From January through October more than 216,126 vehicles were shipped to Canadian ports, which represents a 7.8% of total.
In October, the Bank of Canada raised interest rates for the fifth time in 15 months, warning that more rate hikes will likely follow as it struggles to meet its inflation targets, Canadian media reported.
Among the Big Detroit 3 automakers Ford was the only one to post sales gains, of 1.6%, while FCA and General Motors saw the deliveries sink 14.8% and 12.9% respectively. However, GM was the best-selling brand in October with a total 23,374 units delivered.
Among Japanese automakers Subaru performed best with a 11.1% hike in sales, while Honda and Mazda saw their deliveries drop 8.7% and 5.9% respectively. Other Japanese carmakers posting sales gains were Toyota with 9.9% and Nissan with 7.7%.
Korea-based Hyundai posted a 12% increase while its sister brand Kia saw its sales drop 4.1%.