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Industry News
Auto Industry NewsNorth American auto market gaining momentum reportThe recovery in the North American auto market is gaining momentum, with double-digit sales gains, rising prices, and a shift by consumers to more expensive models, a report released by Bank of Nova Scotia's (BNS.TO) economics unit said on Friday.Scotiabank expects vehicle output in the United States, Canada and Mexico to rise to an annualized 12.4 million units in the second quarter, up from 11.5 million in the first three months of 2010. It said rising output would likely add about half a percentage point to gross domestic product growth in both the United States and Canada in the April to June period.Global auto sales rose 25 percent in March from a year earlier, led by emerging nations, where growth came in at more than 40 percent, the report said.The auto industry is coming out of one of its worst downturns ever, which General Motors Co [GM.UL] and Chrysler only survived with the help of billions of dollars in government aid as they restructured while in bankruptcy protection.
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