Scotiabank sees auto production up in Q2 from Q1
TORONTO, March 30 |
TORONTO, March 30 (Reuters) - North American vehicle production should climb to an annualized 9.5 million units in the second quarter from less than 7 million units in the first three months of 2009, Scotia Economics said on Monday in its global auto report.
In the United States, rising unemployment and plunging consumer confidence cut sharply into auto sales, causing automakers to reduce their North American output by 50 percent, year over year, in the first quarter.
Those levels should improve to a reduction of 30 percent between April and June from a year earlier, the report said.
"Increased second-quarter vehicle output will add to economic activity for the first time since mid-2007," said Carlos Gomes, an auto analyst at Scotia Economics, a division of Bank of Nova Scotia (BNS.TO).
The bank forecast 2009 U.S. vehicle sales of 10.5 million units, down from 13.19 million units in 2008 and 16.09 million units in 2007.
Scotiabank expects 2009 Canadian auto sales of 1.38 million units, down from 1.64 million units in 2008 and 1.65 million units in 2007. ($1=$1.25 Canadian) (Reporting by John McCrank; Editing by Jeffrey Hodgson)
- Tweet this
- Share this
- Digg this