Canada unveils auto industry plan in latest pivot away from US
16 hours ago
- #Electric Vehicles
- #Canada
- #Auto Industry
- Canada announces a plan to support its auto industry and transition to electric vehicles (EVs) amid US tariffs.
- Financial incentives and rebates for EVs are introduced to attract carmakers to invest in Canada.
- US tariffs on Canadian cars and parts have impacted production, with 90% of Canadian vehicles exported to the US.
- The USMCA trade agreement is under review, but US objectives have shifted away from tariff removal.
- Thousands of Canadian auto workers have lost jobs as major carmakers reduce production in Canada.
- New tariff credits aim to help companies like GM and Toyota offset costs of producing in Canada.
- Canada is seeking trade partnerships with China and South Korea to reduce reliance on the US auto market.
- EV buyer incentives are being reintroduced in Canada, contrasting with the US where subsidies were ended.
- Stronger emissions standards are set, targeting 90% EV sales by 2040.
- The EV sales mandate introduced by Trudeau is scrapped, focusing instead on emissions standards.