Auto sales fall 8.5% in May from a year earlier as supply challenges persists
TORONTO – DesRosiers Automotive Consultants (DAC) says Canadian auto sales were down 8.5 per cent in May compared with a year earlier as supply challenges persist.
The consultancy estimates 140,725 new light vehicles were sold in the month, in line with sales for the previous two months.
May has historically been the top sales month but supply challenges, linked in part to semiconductor chip shortages, continue to limit a rebound.
In May 2019, in comparison, there were more than 202,000 light vehicles sold for the month.
DesRosiers says the seasonally adjusted annual rate of sales for May came in at 1.36 million units.
Andrew King, managing partner of DesRosiers, said worryingly that the rate has continued to fall each month throughout the year from the 1.67 million in January, indicating that the market supply situation appears to be getting worse.
This report by The Canadian Press was first published June 2, 2022.
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