(Toronto) Motor vehicle sales in Canada fell nearly 20% in March, compared to the same period last year, even as the auto industry hoped for an increase in sales in the spring, the city said on Friday. specialized firm DesRosiers Automotive Consultants.
Posted at 5:32 p.m.
About 140,460 new light vehicles were sold during the month, DesRosiers estimated, down from the same month last year but up from nearly 100,000 vehicles sold in February.
Over 330,000 light vehicles were sold in the first quarter of the year, down 12.7% from 378,700 vehicles in the first quarter of 2021. The seasonally adjusted annual rate of sales was to 1.54 million for the month, a significant drop from 1.92 million in March last year.
According to Andrew King, managing partner at DesRosiers, the sharp drop in sales in March was not unexpected, as March 2021 was a “hyperactive month”.
It was the last month of strong sales before the semiconductor shortage hit automakers and DesRosiers says the industry continues to grapple with supply issues.
DesRosiers saw some bright spots in the luxury vehicle market in the first quarter of 2022, with Porsche sales up 28.6% while Lexus and Audi grew 5.7% and 4. 8%, respectively.