Canadian auto sales faired slightly better than their U.S. counterparts in terms of November auto sales but not by much as numbers continue to drop in both countries. According to the Financial Post, Canadian auto sales fell 10.3% to 105,221 vehicles. This is compared to 117,00 vehicles sold in the previous month. U.S. auto sales in November fell to 746,789 according to Autodata Corp., making it a twenty-six year monthly low for seasonal sales.
General Motors of Canada, the country’s largest automaker by sales, said it sold 21,486 vehicles in November, 23.5% fewer than the year-earlier period. Toyota, which has grabbed the number two sales spot from Chrysler Canada, said it sold 12,792 vehicles, 1.9% more than the same month last year.
The recent numbers have prompted auto manufacturers for an industry bailout (Chrysler Canada is asking for an $800 million rescue package, while General Motors Corp. is seeking $2.8 billion for an industry bailout), possibly leading Canada into deficit spending for the first time since 1998.
The news is also making headlines in the U.S. as about 85% percent of the more than five million cars produced in Canada each year are sold in the U.S. and account for fifteen percent of production in North America.The auto industry also remains Canada’s largest employer, with more than 700,000 jobs, 400,000 of which are in Ontario alone.