Skip to main content
Sister Publication Links
  • Automotive News
  • Automotive News Europe
  • Automotive News China
  • Automobilwoche
Subscribe
  • Subscribe
  • login
  • HOME
  • News
    • News by Brand
    • Auto Shows
    • Canadians Abroad
    • Photo Galleries
    • Automakers
    • Suppliers
    • Retail
    • Dealer Best Practices
    • Government Relations
    • Trade and Tariffs
    • Technology
    • Labour
    • Aston Martin
    • BMW
      • Mini
      • Rolls Royce
    • Daimler
      • Mercedes Benz
      • Smart
    • Ferrari
    • Ford
      • Lincoln
    • General Motors
      • Buick
      • Cadillac
      • Chevrolet
      • GMC
    • Honda
      • Acura
    • Hyundai
      • Kia
    • Mazda
    • Mitsubishi
    • Nissan
      • Infiniti
    • Stellantis
      • Alfa Romeo
      • Chrysler
      • Dodge
      • Fiat Chrysler
      • Jeep
      • Fiat
      • Lancia
      • Maserati
      • Ram
    • Subaru
    • Tata
      • Jaguar
      • Land Rover
    • Tesla
    • Toyota
      • Lexus
    • Volkswagen
      • Audi
      • Bentley
      • Bugatti
      • Lamborghini
      • Porsche
    • Volvo
    • VinFast
    • Toronto Auto Show
  • Opinion
    • Blogs
  • Video
  • Podcasts
  • EVENTS & AWARDS
    • 2022 Auto News Canada All-Stars
    • 2022 Canadians To Watch
    • 2022 Diversity Champions
    • Best Dealerships To Work For
    • Canada Congress
    • Retail Forum: Dealer Discussions
    • Leading Women Roundtables
    • Embracing Diversity Roundtable
    • EVs Decoded
  • Jobs & Classifieds
  • +MORE
    • IN THE DRIVER'S SEAT
    • NEWSLETTERS
    • SUBSCRIBE
    • CLASSIFIEDS
    • PEOPLE ON THE MOVE
    • COMPANIES ON THE MOVE
    • WEBINARS
    • ADVERTISE WITH US
    • CONTACT US
    • DIGITAL EDITION
    • PUBLISHING PARTNERS
MENU
Breadcrumb
  1. Home
  2. Retail
November 01, 2022 05:12 PM

October sales slide 5.3% to month's lowest total since 2009

October showed once again that some automakers are doing just fine while others struggle in the face of a chip crisis, war in Ukraine and a looming recession

Greg Layson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Honda Storefront
    GREG LAYSON

    Honda Canada sales, including Acura, fell 10.4 per cent to 9,884.

    Canada Car and Light-Truck Sales, October & YTD

      Oct. 2022 Oct. 2021 Oct. % change 10 mos. 2022 10 mos. 2021 10 mos. % change
    Acura 1,263 1,462 -13.6% 9,761 14,092 -30.7%
    Honda 8,621 9,570 -9.9% 79,448 113,470 -30%
    Honda Canada 9,884 11,032 -10.4% 89,209 127,562 -30.1%
    Genesis 475 503 -5.6% 4,885 3,791 28.9%
    Hyundai 8,329 11,512 -27.6% 96,083 109,609 -12.3%
    Hyundai Auto Canada 8,804 12,015 -26.7% 100,968 113,400 -11%
    Kia Canada 5,850 5,511 6.2% 56,323 71,838 -21.6%
    Hyundai-Kia Automotive 14,654 17,526 -16.4% 157,291 185,238 -15.1%
    Mazda Canada 4,057 4,836 -16.1% 44,068 57,278 -23.1%
    Subaru 4,004 5,655 -29.2% 36,614 50,479 -27.5%
    Lexus 2,452 2,425 1.1% 20,973 22,887 -8.4%
    Toyota 14,129 12,894 9.6% 150,637 176,385 -14.6%
    Toyota Canada 16,581 15,319 8.2% 171,610 199,272 -13.9%

    Automakers sold an estimated 121,653 new vehicles in October, according to the forecasting firm DesRosiers Automotive Consultants (DAC).

    That’s a 5.3-per-cent drop from the same month a year ago and the lowest October total since automakers sold 121,500 new vehicles in 2009, when Canada was in the midst of the Great Recession.

    Sales by brand were highly varied “with a small group of players showing robust sales gains, while the majority continued to struggle and experienced double-digit declines” by percentage, DAC said.

    The seasonally adjusted annual sales rate came in at 1.49 million. 

    “The past two months have shown some improvement from the dire performance levels of the May-August period,” DAC Managing Partner Andrew King said in a statement. “However, until the recovery becomes more broadly based across a wider group of manufacturers the market will continue to struggle.”

    The big question now is whether a recession on the way. Is it already here? Those are the questions Canadian policy makers and economists are trying to answer.

    A few weeks ago, Deputy Prime Minister Chrystia Freeland warned suppliers gathered in Windsor, Ont., the economy is about to take a turn for the worse.

    But just days ago, Scotiabank Economics said the near-term outlook appears bright.

    New-vehicle sales in October make both seem correct.

    Only a handful of brands still report monthly sales. Results from those that do vary greatly.

    Total Toyota sales, including Lexus, rose 8.2 per cent to 16,581 compared to October of a year ago. But Honda Canada sales, including Acura, fell 10.4 per cent to 9,884.

    Kia sales managed to increase by 6.2 per cent to 5,850 while its Korean cousin Hyundai had its sales plummet 27.6 per cent to 8,329. Luxury brand Genesis saw its sales fall 5.6 per cent to 475.

    Mazda sales were off 16.1 per cent to 4,057.

    When it comes to the economy and labour market, Freeland warned suppliers that “our economy will slow” and that “our unemployment rate will not stay at a record low.”

    Still, Scotiabank is hopeful in the short term, even though it says a “technical recession” is underway.

    “Sales in Canada have been weak this year, but the economy still has some near-term momentum, which benefits auto demand in the context of heightened uncertainties,” the bank said in its latest Global Auto Report.

    Scotiabank says that unlike the latest supply-driven decreases in inventory and sales, past downturns in North American auto sales were mostly the result of labour market weaknesses and declining economic activity. That’s not the case right now.

    Scotiabank says the Canadian labour market is tighter than the one in the United States — the Canadian unemployment rate after sitting at 5.4 per cent in August dropped to 5.2 per cent in September, the latest month for which data is available.

    The bank also says labour shortages and job vacancies will likely persist the rest of 2022 and perhaps beyond. And, wages have been rising rapidly with relatively high breadth, with 56 per cent of firms surveyed expecting to pay higher wages over the next 12 months.

    “Real wage growth, which underpins auto demand, could pick up next year while inflation comes down,” the report says. “We anticipate strengthening sales alongside inventory improvements over the remainder of this year and next.”

    RECOMMENDED FOR YOU
    Ford Mustang Mach-E prices slashed by as much as $8,500 in Canada
    Recommended for You
    Mach-e-v2_0.png
    Ford Mustang Mach-E prices slashed by as much as $8,500 in Canada
    Stellantis minivans in storage lots
    What rising interest rates mean for Canadian sales and dealers
    Ritchie Bros. revised deal to buy IAA met with more investor criticism
    Google Canada exec on navigating auto consumer behaviour trends
    Sponsored Content: Google Canada exec on navigating auto consumer behaviour trends
    Digital Edition
    Jan 2023 Issue
    View latest issue
    See our archive
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up today for our Weekly Newsletter, Daily Newsletter and Breaking News Alerts. We'll deliver the news you need to know straight to your inbox.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Subscribe Now

    An Automotive News Canada subscription includes 12 monthly issues – delivered in print to your doorstep, and digitally to your inbox – plus unlimited, 24/7 access to our website.

    Subscribe Now
    Connect With Us
    • Facebook
    • Twitter
    • Instagram

    Our Mission

    The Automotive News Canada mission is to be the primary source of industry news, data and understanding for the industry's decision-makers interested in Canada.

    Contact Us

    1155 Gratiot Ave
    Detroit MI 48207

    1-877-812-1257

    Email Us

    ISSN 2475-5001 (print)
    ISSN 2475-501X (online)

    Resources
    • About us
    • Contact Us
    • Digital Edition Archive
    • Advertise with Us
    • Reprints
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Canada
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
    • News
      • News by Brand
        • Aston Martin
        • BMW
          • Mini
          • Rolls Royce
        • Daimler
          • Mercedes Benz
          • Smart
        • Ferrari
        • Ford
          • Lincoln
        • General Motors
          • Buick
          • Cadillac
          • Chevrolet
          • GMC
        • Honda
          • Acura
        • Hyundai
          • Kia
        • Mazda
        • Mitsubishi
        • Nissan
          • Infiniti
        • Stellantis
          • Alfa Romeo
          • Chrysler
          • Dodge
          • Fiat Chrysler
          • Jeep
          • Fiat
          • Lancia
          • Maserati
          • Ram
        • Subaru
        • Tata
          • Jaguar
          • Land Rover
        • Tesla
        • Toyota
          • Lexus
        • Volkswagen
          • Audi
          • Bentley
          • Bugatti
          • Lamborghini
          • Porsche
        • Volvo
        • VinFast
      • Auto Shows
        • Toronto Auto Show
      • Canadians Abroad
      • Photo Galleries
      • Automakers
      • Suppliers
      • Retail
      • Dealer Best Practices
      • Government Relations
      • Trade and Tariffs
      • Technology
      • Labour
    • Opinion
      • Blogs
    • Video
    • Podcasts
    • EVENTS & AWARDS
      • 2022 Auto News Canada All-Stars
      • 2022 Canadians To Watch
      • 2022 Diversity Champions
      • Best Dealerships To Work For
      • Canada Congress
      • Retail Forum: Dealer Discussions
      • Leading Women Roundtables
      • Embracing Diversity Roundtable
      • EVs Decoded
    • Jobs & Classifieds
    • +MORE
      • IN THE DRIVER'S SEAT
      • NEWSLETTERS
      • SUBSCRIBE
      • CLASSIFIEDS
      • PEOPLE ON THE MOVE
      • COMPANIES ON THE MOVE
      • WEBINARS
      • ADVERTISE WITH US
      • CONTACT US
      • DIGITAL EDITION
      • PUBLISHING PARTNERS