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.
Read more Business News
- Prolific offender goes campingKelowna - 12:42 pm
- Pickup hit and runKelowna - 4:00 pm
- City responds to court rulingPenticton / S. Okanagan - 3:36 pm
- Sleeping jumper smacks houseVernon / N. Okanagan - 2:59 pm
|QHR Technologies Inc||1.21||-0.01|
|Anavex Life Sciences||0.262||+0.002|
|Copper Mountain Mining||2.75||-0.08|
|Sunrise Resources Ltd||0.03||-0.005|
|Mission Ready Services||0.15||0.00|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...