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Global car sales on pace for new record in 2013

The latest Scotiabank Global Auto Report shows that global car sales advanced 4% in the first half of 2013 and will climb to a record high this year.

“We expect continued gains in the second half of the year supported by low short- and long-term interest rates around the world, strengthening global job creation and improving financial market conditions which have propelled several equity market indices to record highs,” said Carlos Gomes, Scotiabank's Senior Economist and Auto Industry Specialist.

Unsurprisingly, China is leading gains in global car sales so far this year with a 20% improvement, while purchases across North America are moving steadily higher with passenger car sales in Canada on target to climb to a record high in 2013.

The market in Western Europe is stabilizing, and Brazil has been a source of strength through the spring, with car sales climbing to record highs through May. However, purchases have recently lost momentum in the face of high inflation and rising interest rates.

Source: Scotiabank

Global car sales on pace for new record in 2013