Tuesday Ticker: AutoCanada marks ‘record-setting’ quarter; Toyota teases new Prius, despite low model sales

Toronto, Ontario ⁠— In this weekly Tuesday Ticker, AutoCanada reports its Q3 financial results, adding more than $45 million in acquisitions to its portfolio. Meanwhile, Toyota teases the fifth-generation Prius amid decreasing global sales numbers, and Volkswagen crosses a finish line far earlier than planned. 

‘Another record-setting quarter’

AutoCanada reported financial results last Wednesday, marking “another record-setting third quarter,” according to the company’s press release.

The company said that its “continued optimization of [its] complete business model” is highlighted by a year-over-year 8.7 percent improvement in gross profit, totalling $197 million.

It said company revenues increased by 17.6 percent during Q3, to $1,147.9 million.

AutoCanada also said it completed $45.2 million of acquisitions during Q3 2022. The company acquired four collision centres in the third quarter: Kelleher Ford Collision Centre in Manitoba; Velocity Autobody in Ontario; Kavia Auto Body in Saskatchewan and Excellence Auto Collision in Ontario.

Turn-around at Toyota

Toyota will unveil the fifth-generation Prius hybrid via a global link video this Wednesday. 

The OEM has released no information on the model, aside from teaser images⁠—one of which shows an inscription reading “Hybrid Reborn.”

Toyota has seen a recent decline in sales for Prius models and even pulled the vehicle from Europe this year, selling less than 2,500 units in 2021. 

Prius sales in Canada are down 39 percent this year through October; model sales are down 44 percent in the U.S.

Volkswagen turns up the voltage

Volkswagen turned heads on Monday as the German OEM announced it had met its global delivery target for ID. series electric models one year earlier than originally planned. 

The OEM said it has delivered half a million ID.s models. The lineup includes the ID.3, ID.4, ID.5 and ID.6 (available in China). 

Volkswagen also stressed that, by 2033, it will produce only EVs in its European plants. The OEM plans to launch ten new electric models between now and 2026.