Canadian car makers have reported an overall 8.7% drop in August sales, as demand for new vehicles waned after jumping 5% in July, according to the Reuters news agency.
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“There’s incentive fatigue out there,” independent automotive analyst Dennis DesRosiers told Reuters adding: “In July we had a good month. The market needs a breather.”
Reuters noted that Canadian car buyers have been lured into showrooms for more than two years by a host of incentives such as no-interest financing and reduced prices as the Big Three North American producers try to fend off market-share inroads being made by Asian and European producers.
However North American market share for General Motors, Ford and DaimlerChrysler fell to a record low of 62.1% in the first half of 2003 from 63.4% a year earlier, the report added.
General Motors of Canada combined sales of cars and light trucks increased 0.4% in August to 45,992 from 45,790 the same month a year earlier, Reuters said.
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By GlobalData
Oshawa, Ontario-based GM Canada sold 22,787 cars last month, down 3.7% from 23,661 the year before, but truck sales, which include sport utility vehicles and minivans, were up 4.9% at 23,205 from 22,129, the news agency added.
DaimlerChrysler Canada’s total August sales fell 25.3% to 14,998 from 20,077 in August 2002 – the compaby sold 3,295 cars, down 34.3% from 5,017 while truck sales fell to 11,703, down 22.3% from 15,060, Reuters said.
The report said Ford of Canada combined August sales dropped to 18,306, down 5% from 19,191, made up of 16,638 trucks, up 6% from 12,865 last year and 4,668 cars, down 26% from 6,326.
