Worldwide vehicle sales continued to climb, especially in North America where a scotiabank report vehicle production is forecast to hit levels not seen in years
The increase in sales was due to strong demand in China, western Europe and South America, as those economies saw signs of stabilization in their job markets and a surge in consumer confidence.
Car and truck sales in Canada also jumped, as October produced a fourth consecutive month of record sales, with a stronger than expected annual sales rate of 1.84 million units, up from 1.73 million in September.
As a result, the bank has revised its full-year forecast for Canada to 1.735 million from 1.72 million. It also bumped up its forecast for 2014 to 1.745 million units.