16:42:22 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 370,430,596
Close 2017-09-06 C$ 59.22
Market Cap C$ 21,936,899,895
Recent Sedar Documents

Globe says GM, others hear auto sales continue to soar

2017-09-06 07:37 ET - In the News

See In the News (C-GMM) General Motors Company

The Globe and Mail reports in its Wednesday edition that the Canadian auto market sizzled again in August, hitting its fourth consecutive monthly record. The Globe's Greg Keenan writes that automakers sold 183,945 vehicles in Canada last month, marking the best August performance after hitting monthly records in June, July and May. The strong August sales, which were 7 per cent higher than those a year earlier, position the industry to shatter the two-million sales mark for the first time. Even if sales in the next four months are 4,500 lower on average, the industry will still deliver more than two million vehicles this year. The current seasonally adjusted annual selling rate is 2.05 million vehicles, said DesRosiers Automotive, but cautioned that topping the two-million level is not a certainty. Several factors that have led to record sales in previously were also at play in August, says TD economist Dina Ignjatovic. Among those are strong economic conditions -- including recoveries in Alberta and Saskatchewan from the impact of low oil prices -- in most of Canada and car loans that are attractive to consumers in both the rate offered and the length of term to pay them back, says Ms. Ignjatovic.

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