Saturday, May 30th17.8°C
26493
24291

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

26416


Recent Trending




Today's Market
S&P TSX15014.09-92.89
S&P CDNX692.45+0.29
DJIA18010.68-115.44
Nasdaq5070.03-27.95
S&P 5002107.39-13.40
CDN Dollar0.8029-0.0017
Gold1204.30+1.50
Oil60.86+2.49
Lumber273.40+0.90
Natural Gas2.83+0.01

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.46-0.02
Cantex0.03+0.00
Anavex Life Sciences0.40+0.00
Metalex Ventures0.07-0.01
Russel Metals25.07-0.13
Copper Mountain Mining1.27-0.03
Colorado Resources0.10+0.00
ReliaBrand Inc0.022+0.009
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.16+0.01
Decisive Dividend Corporation2.28+0.18

 





FEATURED Property
2292033251 Harvey Avenue
3 bedrooms 3 baths
$674,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Yard sale pricing

Photo: Thinkstock.comI have deliberately abridged this household tips article to illustrate pricing strategies. "Tips For Pricing Yard Sale Items” was written by Lynnette Walczak, and publi...


What's a robo-advisor?

Photo: ContributedIt can only be attributable to human error. -Hal, 2001: A Space Odyssey For most of us who are within thinking distance of retirement, the term “robo” conjures up image...


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...

_



25217

26363


Member of BC Press Council


24222