Canada's auto industry plan signals latest pivot away from US
(www.bbc.com)
from MicroWave@lemmy.world to world@lemmy.world on 06 Feb 02:39
https://lemmy.world/post/42736703
from MicroWave@lemmy.world to world@lemmy.world on 06 Feb 02:39
https://lemmy.world/post/42736703
Prime Minister Mark Carney has unveiled a plan to bolster Canada’s car industry and support its electric vehicle transition, as the sector buckles under the weight of US tariffs.
The new initiatives, announced on Thursday, mark Canada’s latest effort to reduce its reliance on the US, amid Donald Trump’s push for more domestic car production.
Carney’s strategy includes financial incentives for carmakers to invest in Canada and the reintroduction of rebates for EVs.
Trump last year imposed a 25% tariff on Canadian cars and car parts. The levies were a shock to car production in Canada, where roughly 90% of vehicles are exported to the US.
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Trump’s auto manufacturing is in the doldrums, producing at post covid lows. And Trump’s auto loan delinquency rate is running at decades high.
Keep in mind that the autos optimize for units times profit so they don’t necessarily lose money from lower volumes. Ford’s net income for example have remained stable since 2023.
So they’ll start making good cars?
Hopefully that don’t cost more than what most people make in a year.
Like any abusive relationship, it’s never too late to stop or reduce your reliance upon the abusive partner