Sales might survive a short recession unscathed because demand has continued to build throughout the COVID-19 pandemic and global microchip shortage.
Sales by brand were highly varied, “with a small group of players showing robust sales gains, while the majority continued to struggle and experienced double-digit declines” by percentage, DAC said. Still, despite forecasting a recession, Scotiabank remains optimistic about auto sales, at least for the rest of 2022 and early 2023.
Abroad, a war rages in Ukraine, and there’s concern that a resulting energy crisis in Europe could depress overseas auto output.
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