Out of stock: New vehicle sales in February
The number of new vehicles sold in Alberta was down by 13.0% compared to the previous February
By Siddhartha Bhattacharya, ATB Economics 22 April 2022 1 min read
The number of new vehicles sold in Alberta stood at 13,058 units in February, down 1,945 units (-13.0%) from February 2021.
On a year-to-date basis, new vehicles sold in Alberta were 3,252 units (-11.5%) lower than in 2021. Weaker sales of new trucks (including SUVs and minivans) drove the majority (over 90%) of this decline, while there were also fewer passenger cars sold relative to a year ago.
Average car prices, however, continued to appreciate and cushioned the drop in revenue. As a result, the decline in the dollar value of sales over the first two months of the year was only 4.8% below the same point in 2021.
It was a similar, albeit slightly less grim, story nationally. The number of units sold in Canada was down 9,447 (-4.5%) over the first two months of the year. Conversely, the average price of a new vehicle was up by 4.9% during the same timeframe.
Global semiconductor chip shortages have plagued the auto sector resulting in higher prices, lower production and reduced inventory at dealerships. The industry is likely to face even more supply chain issues in the months ahead due to the Russian invasion of Ukraine that began at the end of February.
Answer to the previous trivia question: Considering the period from the first quarter of 1990 to the first quarter of 2022, housing starts in Alberta peaked at 53,303 (seasonally adjusted at annual rates) in the first quarter of 2007. They got as low as 8,750 in the first quarter of 1991.
Today’s trivia question: Who is the patron saint of England that is remembered on April 23rd?