As reported by The Canadian Press, Magna CEO Don Walker said any border adjustment tax imposed by the U.S. would have a “material adverse effect” on operations and profitability.
Petrochemical firm pledges to invest “hundreds of millions of pounds” to set up automotive division in UK to make 4×4 vehicles.
The investment, part of Ford’s plan to develop a fully driverless vehicle by 2021, will make Ford the company’s largest shareholder.
Sales gains in Alberta and Saskatchewan are expected to be more than offset by declines in Ontario, Quebec, and Atlantic Canada.
But the bank anticipates lower annual sales, as vehicle affordability begins to erode alongside some slowing in real income gains.
Construction began on the $48-million, three-story facility in December 2015.
In Canada, volumes will be undercut by recent price hikes for new cars and light trucks, as well as lower replacement demand than in the United States, Scotiabank’s latest Global Auto Report said.
The automaker will also look at reshoring axle production for pickup trucks, including work previously done in Mexico.
It’s the first all-electric car to receive the award.
The automaker is preparing to build new models of its Civic and CR-V.
U.S. purchases accelerated sharply in December, the bank also said, climbing to an annualized 18.3 million units and setting a record for the month of December.
Ford also announces Michigan investment to boost electric, autonomous vehicle production.
The automaker’s inventory of vehicles on dealer lots in November is up 26.5 per cent from November 2016.
Parts will be supplied supplied from a new, state-of-the-art seat manufacturing facility in Spartanburg County, S.C.
Volumes in both Canada and Mexico posted double-digit year-over-year advances, while U.S. purchases exceeded expectations and lifted year-to-date sales above a year ago.
Aurora, Ont.-based auto parts supplier wins Glassdoor Employees’ Choice Award.
The U.S. Environmental Protection Agency has proposed to leave in place its greenhouse gas emissions standards for light vehicles through the 2025 model year. Many in the auto industry aren’t happy with the decision.
U.S. purchases exceeded expectations, buoyed by improving economic conditions and enhanced promotions.
Two names associated with U.S. President-elect Donald Trump’s fledgling cabinet have ties to the plastics industry. Trump’s nominee for Education Secretary is Elizabeth DeVos, the daughter of Edgar Prince, the founder of Holland, Mich.-based automotive parts supplier Prince Automotive. Edgar…
Automotive parts supplier Magna International Inc. reported record third quarter and year to date results in November. The Aurora, Ont.-based company’s Q3 2016 sales were up by 16%, well above 3% growth in global light vehicle production. “We posted sales…