Sunday, March 29th6.4°C
25657
24921

Canada's auto industry will have highest pre-tax profits since 2002:report

OTTAWA - A report by the Conference Board of Canada says pre-tax profits for Canadian auto manufacturers are expected to reach $1.3 billion this year, the highest level since 2002.

However, the report also cautioned that although the Canadian auto industry is expected to add about 2,900 jobs in 2015, Mexico is also expected to surpass Canada in vehicle exports to the U.S. for the first time in that year.

The Conference Board says profits are expected to grow this year in Canada's auto industry due to booming vehicle sales on both sides of the border.

The report notes that U.S. consumers, in particular, are replacing their older cars and trucks due to a steady increase in income, jobs, and credit availability.

It also says that retooling at several Canadian plants and increased competition from U.S. and Mexican facilities drove down auto production in Canada by 3.6 per cent in 2013.

This year, though, Canadian production will increase by 3.1 per cent.

The Canadian Press


Read more Business News

25603


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7928-0.0082
Gold1196.30-8.80
Oil48.43-3.00
Lumber282.40-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 



24393

FEATURED Property
17877381910 Hidden Lake Place, Kelowna
4 bedrooms 4 baths
$1,195,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


24920