Record new vehicle sales in the U.S. are supporting solid performance among Canadian automakers, but Canadian auto exports could be at risk under NAFTA renegotiations.
This is according to The Conference Board of Canada’s latest outlook for the motor vehicle manufacturing industry.
The report says Canadian automakers have benefited from a surge in demand for new vehicles among American consumers, which has propelled new vehicle sales in the U.S. to record levels for the last two years, and that this demand is expected to continue—with U.S. light vehicle sales averaging above 17 million units on an annual basis over the next five years.
The Conference Board asserts that this demand has motivated Canadian automakers to commit more than $2 billion in machinery and equipment upgrades. Click here to read more.