The firm’s data shows that the August selling rate moving back up to 88.3 mn units/year although sales in unit terms for the month were down 0.1% to 6,620,365.

The US Light Vehicle market posted yet another impressive result in August with a selling rate of over 18 mn units/year – the first time the market has hit such a running rate for a decade. SUVs once again led the way, with fresh new models in the Small SUV segment a key driver.

Meanwhile, in Canada, sales also continued to hold up well, despite discouraging economic conditions, and remain on course to hit a new record this year.

Sales in Western Europe have continued to recover solidly, shrugging off the threat to confidence posed by the Greek scare earlier in the summer. There has been some variation between major markets. The recovery in Spain is on track. In Italy, despite faring better than a year ago, growth in the selling rate has stalled for the time being. Overall, a full-year gain in the region of around 8% is in prospect.

August sales in Russia were a little higher than expected, but still fell by over 19%, year on year. Buyers seeking to avoid further vehicle price increases that are in the pipeline – a consequence of recent renewed Ruble weakness – lifted the market a little. Unfortunately, the fundamentally weak picture is unchanged and sales will drop dramatically for 2015 in total, with recovery in 2016 likely to minimal. Elsewhere in Central and Eastern Europe, things are looking much better: that region, minus Russia, is up by an estimated 14% in the year to date.

According to preliminary data, the selling rate in China surged to 23.3 mn units/year in August, up 9% from a two-year low of 21.4 mn units/year in July. Industry concerns had grown in light of the weak results prior to August, which came against a backdrop of worrying signals from many parts of the economy. However, a vehicle inventory correction formed part of recent weakness, and inventory levels have started to return to more normal levels, something which has been helped by widely reported incentives.

In Japan, the year-on-year decline eased to less than 2% in August, but sales remain weak after the consumption tax hike in April 2014 and the implementation of the stricter rules to qualify for the eco-car tax exemptions in April 2015. Mini Vehicles continued to lead the decline.

The Korean market continues to surprise on the upside, with record-low interest rates and low inflation boosting sales. The 1.7-1.8mn unit/year selling rates are at the highest level since the height of the consumption bubble in 2002. Yet, some slowdown looks unavoidable due to high household debt and the darkening economic outlook.

In South America, the Brazilian market resumed its downswing in August, with the selling rate falling below 2.3 mn units/year from 2.4 mn units/year in June and July. The deepening recession and the fast deteriorating job market suggest that sales will continue to struggle in the coming months.

In Argentina’s volatile market, the selling rate continues to swing up and down, but is holding up within the 500,000-600,000 units/year range. The government’s fiscal spending ahead of the presidential election in October is helping to bolster sales.