While auto sales in the U.S. disappointed in May, Canada saw a 11% jump in sales during the month to climb back over a 2M units annual selling rate.
"Enhanced incentives and a fierce fight for market share has narrowed the sales gap among the top three market leaders to less than 5,500 units so far this year, down from nearly a 21,000-unit difference a year ago," notes Statistics Canada.
Luxury brands in particular performed well in Canada during the month, with Jaguar (NYSE:FCAU), Audi (OTCPK:VLKAY), Porsche, Acura (NYSE:HMC) and Lexus (NYSE:TM) all posting double-digit sales growth from a year ago.
Related ETF: CARZ.
Subscribe for full text news in your inbox