04:28 PM EST, 12/09/2024 (MT Newswires) -- Scotiabank on Monday said its outlook for Canadian light vehicle sales is 1.78 million in 2024, while adding that, based on data to date, the final figure for annual 2024 sales could come in above that. Its outlook is 1.8 million in 2025. "As we enter a period of uncertainty relating to the outlook, we will be monitoring the implications for the automotive sector over time," Scotia noted in its latest 'Global Auto Report'.

Scotia cited Wards Automotive in noting Canadian auto sales increased 2.4% month over month to 1.89 million units at a seasonally adjusted annualized rate (SAAR) in November.

According to Scotia, auto sales have "shown persistence" into the fourth quarter of the year. Strong growth in recent seasonally adjusted light vehicle sales have pushed the three month moving average up to 1.85 million (SAAR, 3mma) through November, rebounding from the recent low of 1.77 million (SAAR, 3mma) in August. Meanwhile, November's non-seasonally adjusted light vehicle sales was the highest for the given month since 2017.