Automotive News Canada - March 2024 - 25

* MARCH 2024
25
How long can pent-up vehicle demand buoy sales?
CONTINUED FROM PAGE 1
numbers, while Ford Canada reports only
annually.
" Canadian sales a year ago were
still struggling to recover from the supply-chain
issues and the pandemic, "
said Sam Fiorani, vice-president of global
vehicle forecasting at AutoForecast
Solutions (AFS), a
U.S. analysis company.
" We were
always expecting good sales numbers in
SALES ANALYSIS
always expecting good sales numbers in
February, but this beat our expectations. "
Automakers sold 3,000 more vehicles
than AFS predicted. The company forecasts
that annual sales will total " just shy
of 1.9 million, " said Fiorani.
Annual sales have only ever topped
two million vehicles in 2017 and 2018.
Scotiabank economist John Fanjoy,
who tracks the auto industry for the
bank, isn't as bullish.
According to his March 7 Global Auto
Report, new-vehicle sales " remain volatile
on a monthly basis. "
While Fanjoy expects 2024 to be a good
year, 2025 will be better.
Scotiabank's outlook " is that sales will
increase to 1.74 million units in 2024 and
1.78 million units in 2025 as interest rates
and supply-side headwinds ease. "
A MOST FABULOUS FEBRUARY
DAC called last month " easily the
strongest February of all time, " adding
that the many hurdles that auto retailers
have faced for years " are now well and
truly in the rearview mirror. "
February sales were up 24.4 per cent
over the same month last year, according
to DAC, and were 2.4 per cent higher
than February 2020, the final full
month - also with 29 days in a leap year
- before the COVID-19 pandemic began
wreaking havoc the second week of
March 2020.
Sales last month " were supported by
the deep well of pent-up demand from the
'lost sales' of the past four years, " DAC
said in a statement.
Meanwhile, the seasonally adjusted
annual sales rate for the month reached
2.11 million vehicles, the highest since
January 2018, according to DAC, and the
second consecutive month in which it
topped two million.
The market has now achieved 16
consecutive months of year-over-year
growth.
" This is even more remarkable, given
that Canada has been in the midst of a
per-capita recession throughout the past
year, " DAC said. " March brings the start
of the traditional spring selling season,
which should hopefully provide an indication
as to how long pent-up demand
can remain as the dominant market
dynamic in the face of increased vehicle
prices and high interest rates. "
In his latest AutoForecast Monthly,
Fiorani wrote that falling inflation has
helped ease the burden of light-vehicle
ownership in Canada.
The annual inflation rate fell to 2.9
per cent in January, the latest month
Canada light-vehicle sales by nameplate, Feb
Table refl ects Canada sales for those manufacturers that report monthly
Feb.
HONDA CANADA
ILX .........................................
2
Integra ................................... 34
TLX ........................................ 74
2024 2023
Feb. % 2 mos. 2 mos. %
chng. 2024 2023
chng.
8 -75%
3
40 -15% 77
14 -79%
71 8%
70 6% 121 198 -39%
Total Acura car ................. 110 118 -7% 201 283 -29%
MDX .......................................
374 191 96% 677 501
5
- 476
10
35%
RDX ....................................... 447 421 6% 763 924 -17%
Total Acura truck ............... 821 612 34% 1,440 1,425 1%
Total Acura ...................... 931 730 28% 1,641 1,708 -4%
Accord ................................... 240
-
Civic (D/I) .............................. 2,319 1,463 59% 4,078 2,687 52%
Clarity (I) ...............................
Insight ...................................
1
1
-
-
1
1
-
-
Total Honda car (D/I) .......... 2,560 1,469 74% 4,555 2,698 69%
CR-V ...................................... 4,465 879 408% 7,526 2,657 183%
HR-V ...................................... 1,032 578 79% 2,282 1,338 71%
Odyssey ................................. 222 306 -27% 535 601 -11%
Passport ................................ 218 173 26% 372 355 5%
Pilot ....................................... 404 156 159% 887 417 113%
Ridgeline ................................ 406 260 56% 605 475 27%
Total Honda truck .............. 6,747 2,352 187% 12,207 5,843 109%
Total Honda (D/I) ............... 9,307 3,821 144% 16,762 8,541 96%
Honda Canada car ............. 2,670 1,587 68% 4,756 2,981 60%
Honda Canada truck ........... 7,568 2,964 155% 13,647 7,268 88%
HONDA CANADA ................ 10,238 4,551 125% 18,403 10,249 80%
HYUNDAI-KIA
G70 (I) ................................... 124
G80 (I) ................................... 14
G90 (I) ...................................
84 48% 159 130 22%
21 -33% 25
10
-
1
29 37 -22% 50 52
-4%
GV70 (I) ................................. 228 167 37% 518 329 57%
GV80 (I) ................................. 85
71 20% 129 141 -9%
Total Genesis truck (I) ......... 342 275 24% 697 522 34%
Total Genesis (I) ............... 480 390 23% 882 718 23%
Elantra (I) ............................... 1,259 1,793 -30% 2,590 3,326 -22%
Ioniq 6 (I) .............................. 237
- 531
-
Sonata (I) ............................... 52 294 -82% 66 407 -84%
Total Hyundai car (I) ........... 1,548 2,087 -26% 3,187 3,733 -15%
Ioniq 5 (I) .............................. 457 349 31% 856 642 33%
Kona (I) ................................. 2,228 1,962 14% 4,400 3,391 30%
Palisade (I) ............................ 490 488 0% 799 1,044 -23%
Santa Fe (D).......................... 485 618 -22% 841 1,175 -28%
Santa Fe (I) ........................... 4 193 -98% 24 333 -93%
Total Santa Fe ........................ 489 811 -40% 865 1,508 -43%
Santa Cruz ............................. 234 309 -24% 450 616 -27%
Tucson (I) .............................. 2,228 1,801 24% 3,573 3,197 12%
Venue (I) ................................ 962 909 6% 1,567 1,598 -2%
Hyundai truck (D) .............. 719 927 -22% 1,291 1,791 -28%
Hyundai truck (I) ............... 6,369 5,702 12% 11,219 10,205 10%
Total Hyundai truck ............ 7,088 6,629 7% 12,510 11,996 4%
Hyundai (D) ..................... 719 927 -22% 1,291 1,791 -28%
Hyundai (I) ...................... 7,917 7,789 2% 14,406 13,938 3%
Total Hyundai ................... 8,636 8,716 -1% 15,697 15,729 -0%
Hyundai Auto Canada car ..... 1,686 2,202 -23% 3,372 3,929 -14%
Hyundai Auto Canada truck... 7,430 6,904 8% 13,207 12,518 6%
Hyundai Auto Canada (D) ..... 719 927 -22% 1,291 1,791 -28%
Hyundai Auto Canada (I) ...... 8,397 8,179 3% 15,288 14,656 4%
Hyundai Auto Canada ......... 9,116 9,106 0% 16,579 16,447 1%
52 -52%
14 -93%
Total Genesis car (I) ........... 138 115 20% 185 196 -6%
GV60 (I) .................................
Feb. & 2 months
Feb.
4
2024 2023
Feb. % 2 mos. 2 mos. %
chng. 2024 2023
chng.
Forte (D/I) .............................. 1,020 919 11% 1,782 2,082 -14%
K5 ..........................................
89 -96% 19 198 -90%
Rio ......................................... 229 284 -19% 587 747 -21%
Soul (I) .................................. 250 331 -24% 425 776 -45%
Stinger (I) ..............................
4 102 -96% 11 124 -91%
Total Kia car (D/I) .............. 1,507 1,725 -13% 2,824 3,927 -28%
Carnival (I) .............................
283 636 -56% 665 933 -29%
EV6 (I) ................................... 457 112 308% 895 187 379%
EV9 (I) ................................... 83
Niro (I) ................................... 513
2
- 133
- 873
2
-
-
Seltos (I) ................................ 1,714 1,977 -13% 3,440 2,961 16%
Sorento .................................. 332 640 -48% 720 1,253 -43%
Sportage (I) ........................... 1,691 1,004 68% 3,299 1,780 85%
Telluride ................................. 162 430 -62% 416 746 -44%
Kia truck (D) .................... 494 1,070 -54% 1,136 1,999 -43%
Kia truck (I) ..................... 4,741 3,731 27% 9,305 5,863 59%
Total Kia truck .................. 5,235 4,801 9% 10,441 7,862 33%
Kia Canada (D/I) ............... 6,742 6,526 3% 13,265 11,789 13%
Hyundai-Kia Automotive car .. 3,193 3,927 -19% 6,196 7,856 -21%
Hyundai-Kia Automotive truck 12,665 11,705 8% 23,648 20,380 16%
HYUNDAI-KIA AUTOMOTIVE... 15,858 15,632 1% 29,844 28,236 6%
MAZDA CANADA
MAZDA CANADA ................ 4,075 2,714
SUBARU
BRZ (I) ................................... 42
50% 8,549 5,856
26 62% 66
Impreza (D) .......................... 3 211 -99%
Impreza (I) ............................ 243
Total Impreza .........................
Legacy ...................................
0 - 380
32 -88% 14
46%
39 69%
246 211 17% 383 386
4
3 386 -99%
0 -
-1%
57 -75%
WRX (I) ................................. 211 152 39% 499 338 48%
Subaru car (D) .................. 7 243 -97% 17 443 -96%
Subaru car (I) ................... 496 178 179% 945 377 151%
Total Subaru car ................ 503 421 19% 962 820 17%
Ascent ....................................
Crosstrek (D) ........................ 207
191 240 -20% 384 507 -24%
0 - 409
63% 4,334 2,231
0 -
Crosstrek (I) ......................... 1,962 1,332 47% 3,925 2,231 76%
Total Crosstrek ....................... 2,169 1,332
94%
Forester (I) ............................. 1,568 580 170% 2,959 1,161 155%
Outback ................................. 1,085 623 74% 2,459 1,453 69%
Solterra (I) ............................. 86 119 -28% 179 201 -11%
Subaru truck (D) ................ 1,483 863 72% 3,252 1,960 66%
Subaru truck (I) ................. 3,616 2,031 78% 7,063 3,593 97%
Total Subaru truck ............. 5,099 2,894 76% 10,315 5,553 86%
Subaru (D) ...................... 1,490 1,106 35% 3,269 2,403 36%
Subaru (I) ....................... 4,112 2,209 86% 8,008 3,970 102%
SUBARU .......................... 5,602 3,315 69% 11,277 6,373 77%
TOYOTA CANADA
ES .......................................... 62
6
2
8
63 -2% 121 149 -19%
IS (I) ...................................... 126 101 25% 194 234 -17%
LC (I) .....................................
LS (I) .....................................
RC (I) .....................................
4 50%
2
-
-
Lexus car (D) ................... 62
3
LX (I) ..................................... 50
56 -95%
9
5
13
6 50%
6 -17%
2 550%
63 -2% 121 149 -19%
Lexus car (I) .................... 142 107 33% 221 248 -11%
Total Lexus car ................. 204 170 20% 342 397 -14%
GX (I) .....................................
20 150% 81
8 139 -94%
42 93%
Honda brand sales were up 144 per
cent to 9,307 vehicles in February. The
CR-V accounted for nearly half; 4,465
sales from just 879 a year ago.
PHOTO: HONDA
for which data is available. In turn, on
March 6, the Bank of Canada held its key
interest rate at five per cent. Increases
began in March 2022 after two years without
one. The rate was 0.25 per cent and it
has increased 10 times since.
HONDA, TOYOTA, SUBARU POST BIG GAINS
Among the automakers still publicly
reporting monthly figures, some of the
increases were staggering.
Honda/Acura sales soared 125 per cent
in February; Honda brand sales were
up 144 per cent to 9,307 new light vehicles
and Acura was up 27.5 per cent to
931 vehicles. The standout was the CR-V,
which was up 408 per cent to 4,465 sales
from just 879 a year ago. The Pilot utility
vehicle was up 159 per cent, the smaller
HR-V was up 79 per cent and sales of the
Ridgeline pickup increased 56 per cent.
Toyota Canada had what it called its
best February on record with 17,453 vehicle
sales, up 45 per cent over the same
month last year. The Sienna minivan led
the charge with an increase of 830 per
cent to 679 vehicles from 73 a year ago.
Lexus sales were almost flat, up just
0.8 per cent to 2,067, while Toyota brand
sales surged 54.1 per cent to 15,386.
" Honda and Toyota volumes were
well below their 2019 and 2020 volumes, "
Fiorani said, " But they're finally getting
enough product into their dealers' hands,
[which] allows the pent-up demand for
vehicles to be satisfied to some level. "
Subaru sales spiked 69 per cent to 5,602
vehicles.
" Our product lineup has never been
stronger, " Subaru Canada President
Tomohiro Kubota said in a statement.
" We feel well-prepared for the rest of
2024. "
Of the 10 brands still reporting monthly,
only Hyundai saw sales fall, 0.9 per
cent to 8,636 vehicles.
" We're definitely looking at the best
year in a number of years, " Fiorani said.
" But the problem is there are always
supply-chain issues lurking in the background.
" Whether
that's a problem in the Suez
Canal or a war in Ukraine . . . there's
always something there. We're working
in just-in-time production, and that
leaves us vulnerable to any disruption. "
-ANC
Vehicles are domestic unless noted.
Feb.
2024 2023
Feb. % 2 mos. 2 mos. %
chng. 2024 2023
chng.
NX (D) .................................. 655 747 -12% 1,279 1,599 -20%
NX (I) .................................... 72 77 -6% 118 144 -18%
Total NX ................................. 727 824 -12% 1,397 1,743 -20%
RX (D) .................................. 611 865 -29% 1,179 1,747 -33%
RX (I) .................................... 30
0 - 48
TX .......................................... 183
-
50
- 386
1
-
Total RX ................................. 641 865 -26% 1,227 1,748 -30%
RZ (I) ..................................... 21
-
-
UX (I) ..................................... 238 115 107% 449 266 69%
Lexus truck (D) ................. 1,449 1,612 -10% 2,844 3,346 -15%
Lexus truck (I) .................. 414 268 54% 754 592 27%
Total Lexus truck ............... 1,863 1,880 -1% 3,598 3,938 -9%
Lexus (D) ........................ 1,511 1,675 -10% 2,965 3,495 -15%
Lexus (I) ......................... 556 375 48% 975 840 16%
Total Lexus ...................... 2,067 2,050 1% 3,940 4,335 -9%
86 (I) .....................................
3
21 -86%
5
34 -85%
Camry .................................... 651 723 -10% 929 1,142 -19%
Corolla (D) ............................ 636 487 31% 1,527 986 55%
Corolla (I) ............................. 1,302 659 98% 2,667 1,736 54%
Total Corolla ........................... 1,938 1,146
Crown (I) ............................... 96
Mirai (I) .................................
4
3
Prius (I) ................................. 397
Supra (I) ................................ 36
21
69% 4,194 2,722
- 170
1 200%
3
- 1,085
8 350% 52
4
54%
-
5 -40%
99 996%
23 126%
Toyota car (D) .................. 1,287 1,210 6% 2,456 2,128 15%
Toyota car (I) ................... 1,837 714 157% 3,982 1,901 109%
Total Toyota car ................ 3,124 1,924 62% 6,438 4,029 60%
4Runner (I) ............................
515 216 138% 952 549
BZ4x (I) ................................. 399
C-HR (I) .................................
-
2
73%
84 375% 840 296 184%
2
-
Corolla Cross ......................... 1,000 650 54% 2,053 1,457 41%
Highlander ............................. 514 1,057 -51% 1,124 2,607 -57%
Grand Highlander ................... 525
Land Cruiser (I) ..................... 38
- 1,107
25 52% 71
20 95% 92
37
-
62 15%
RAV4 (D) .............................. 6,335 4,310 47% 10,613 7,839 35%
RAV4 (I) ................................ 597 180 232% 1,390 342 306%
Total RAV4 ............................. 6,932 4,490 54% 12,003 8,181 47%
Sequoia .................................. 39
46 100%
Sienna .................................... 679
73 830% 1,111 307 262%
Tacoma .................................. 188 492 -62% 435 1,430 -70%
Tundra.................................... 976 913 7% 2,095 1,440 45%
Venza (I) ................................ 457
- 718 151 375%
Toyota truck (D) ................ 10,256 7,515 36% 18,630 15,126 23%
Toyota truck (I) ................. 2,006 544 269% 3,971 1,402 183%
Total Toyota truck .............. 12,262 8,059 52% 22,601 16,528 37%
Toyota (D) ....................... 11,543 8,725 32% 21,086 17,254 22%
Toyota (I) ........................ 3,843 1,258 205% 7,953 3,303 141%
Total Toyota ..................... 15,386 9,983 54% 29,039 20,557 41%
Toyota Canada car ............. 3,328 2,094 59% 6,780 4,426 53%
Toyota Canada truck ........... 14,125 9,939 42% 26,199 20,466 28%
Toyota Canada (D) ............. 13,054 10,400 26% 24,051 20,749 16%
Toyota Canada (I) .............. 4,399 1,633 169% 8,928 4,143 115%
TOYOTA CANADA................ 17,453 12,033 45% 32,979 24,892 32%
VOLVO CAR CANADA
VOLVO CAR CANADA ........... 854 802 6% 1,447 1,539 -6%
Note: (D) = produced in North America; (I) = imported to Canada
Source: Automotive News Research & Data Center

Automotive News Canada - March 2024

Table of Contents for the Digital Edition of Automotive News Canada - March 2024

Automotive News Canada - March 2024 - Intro
Automotive News Canada - March 2024 - 1
Automotive News Canada - March 2024 - 2
Automotive News Canada - March 2024 - 3
Automotive News Canada - March 2024 - 4
Automotive News Canada - March 2024 - 5
Automotive News Canada - March 2024 - 6
Automotive News Canada - March 2024 - 7
Automotive News Canada - March 2024 - 8
Automotive News Canada - March 2024 - 9
Automotive News Canada - March 2024 - 10
Automotive News Canada - March 2024 - I1
Automotive News Canada - March 2024 - I2
Automotive News Canada - March 2024 - 11
Automotive News Canada - March 2024 - 12
Automotive News Canada - March 2024 - 13
Automotive News Canada - March 2024 - 14
Automotive News Canada - March 2024 - 15
Automotive News Canada - March 2024 - 16
Automotive News Canada - March 2024 - 17
Automotive News Canada - March 2024 - 18
Automotive News Canada - March 2024 - 19
Automotive News Canada - March 2024 - 20
Automotive News Canada - March 2024 - 21
Automotive News Canada - March 2024 - 22
Automotive News Canada - March 2024 - 23
Automotive News Canada - March 2024 - 24
Automotive News Canada - March 2024 - 25
Automotive News Canada - March 2024 - 26
Automotive News Canada - March 2024 - 27
Automotive News Canada - March 2024 - 28
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https://www.nxtbook.com/nxtbooks/crain/canada_201801
https://www.nxtbook.com/nxtbooks/crain/canada_201712
https://www.nxtbook.com/nxtbooks/crain/canada_201711
https://www.nxtbook.com/nxtbooks/crain/canada_201711_v2
https://www.nxtbook.com/nxtbooks/crain/canada_201710
https://www.nxtbook.com/nxtbooks/crain/canada_201709
https://www.nxtbook.com/nxtbooks/crain/canada_201708
https://www.nxtbook.com/nxtbooks/crain/canada_201707
https://www.nxtbook.com/nxtbooks/crain/canada_201706
https://www.nxtbook.com/nxtbooks/crain/canada_201705
https://www.nxtbook.com/nxtbooks/crain/canada_201704
https://www.nxtbook.com/nxtbooks/crain/canada_201703_v2
https://www.nxtbook.com/nxtbooks/crain/canada_201703
https://www.nxtbook.com/nxtbooks/crain/canada_201702
https://www.nxtbook.com/nxtbooks/crain/canada_201702_v2
https://www.nxtbook.com/nxtbooks/crain/canada_201701
https://www.nxtbook.com/nxtbooks/crain/canada_201612
https://www.nxtbook.com/nxtbooks/crain/canada_201611
https://www.nxtbook.com/nxtbooks/crain/canada_201610
https://www.nxtbook.com/nxtbooks/crain/canada_201609
https://www.nxtbook.com/nxtbooks/crain/canada_201608
https://www.nxtbook.com/nxtbooks/crain/canada_201607_test
https://www.nxtbook.com/nxtbooks/crain/canada_201607
https://www.nxtbook.com/nxtbooks/crain/canada_launch2016
https://www.nxtbookmedia.com