Scotiabank expects record global car sales in 2014

The cyclical recovery in global auto sales that began in mid-2009 remains intact, with purchases advancing over the past year in every region except Europe, Scotiabank says.

However, volumes in Western Europe have begun to improve as the region emerged from recession around mid-year. Sales in Western Europe have increased year-on-year for three consecutive months, setting the stage for higher volumes in 2014, the bank said in its Global Auto Report released on Monday December 30 by its economics unit. “In fact, we expect next year to be the first synchronised expansion in global purchases since 2005,” Carlos Gomes, Scotiabank's senior economist and automotive industry specialist, said in the report. Volumes will be bolstered by strengthening employment growth, rising consumer confidence and ongoing low...


Weilyn Loo

December 31, 2013

12:20 GMT