Forget Peak Oil, What About Peak Demand?
Record auto sales for Brazil, India and China in April
29th May 2009
platinum.matthey.com
New figures released today (29th May) have suggested that global auto sales improved in April, with a major contribution from three emerging markets.
The latest Scotia Economics Global Auto Report revealed that sales in Brazil, India and China - three of the four BRIC countries, alongside Russia - hit record levels during the month.
"Purchases in China, India and Brazil climbed to a record 10.3 million units (annualised) in April, up from 9.5 million in March and nearly one million units above the pre-crisis peak of 9.4 million set in May 2008," said Carlos Gomes, Scotiabank Senior Economist and Auto Industry Specialist.
In addition, the figures showed that US auto sales reduced to an annualised 9.3 million units, which compares to an average of 9.5 million units for the previous three months.
Scotia Economics noted that although mid-April sales in the country were strong, the final total was compromised by increasing industry concerns and the outbreak of swine flu.
Meanwhile, passenger vehicle sales in Canada were 1.42 million units on an annualised basis, substantially higher than the figure of 1.32 million units recorded for the first quarter.
The report also highlighted that four manufacturers, including two Korean firms, posted record sales for April, thus underlining the returning confidence of Canadian consumers. |
