Will Trump blow up Canada’s $50 billion EV sector?
Canada has secured more than $50 billion in EV-related investment over the past three years, all gearing up for US demand, with Canada’s economy “deeply intertwined” with the US – but Trump may throw a major wrench into the plan.
As newly elected president Donald Trump soon returns to the White House, Canada is now facing a mountain of worries and what-ifs, particularly in the auto sector, from possible new tariffs on Canadian-made vehicles to a breakdown in electrification policy, shifting the market completely. Plus the country could see 60 years of “cross-border automotive consensus” come to a screeching halt, reports Automotive News in an in-depth look at the issue.
“We’re so intertwined. Half of the vehicles made in Canada are made by American companies,” Flavio Volpe, president of the Automotive Parts Manufacturers’ Association, told Automotive News. “If he cuts out Canada – pulls it out of the [United States-Mexico-Canada Agreement], puts up a tariff wall – he’s hurting General Motors, Ford and then assets of Stellantis … He’s hurting American parts companies, American materials suppliers.”
A lot of possibilities are at play, including a 10% tariff on global imports into the US, which would cut tens of billions of dollars out of Canada’s GDP, and those cuts will especially hurt the auto sector, the report said.
Prime Minister Justin Trudeau jumped into action to congratulate Trump after the win, nudging that two countries have “deeply intertwined” economies, with Ottawa now at work tackling critical cross-border issues.
Trump, who has been eager to denigrate EVs, has said that he’ll make quick work of rescinding Biden’s Inflation Reduction Act, which has put billions of dollars into battery supply chain projects. He has said too that vehicles made in Mexico would see as much as a 200% tariff, and vehicles from China, Europe, and elsewhere will likely see higher tariffs.
Of course, billions of dollars in investments into EV production under the IRA have been taking place in red states, such as South Carolina, Ohio, and Georgia, so it’s unlikely he’d be willing to take away investment and jobs from his core constituents.
After the election news yesterday, US EV makers Tesla, Lucid, and Rivian, and EV battery maker LG have all said that they are ready to work with Trump to ensure EV technology continues on pace – but that will mean or how it will work is not yet clear.
Of course, Musk’s role in all of this and his sway on Trump is yet to be determined, and that will have far-reaching impact on countries like Canada – “You might see some sort of moderating effect there that they can’t walk away from [EV supports] completely because that will make life really tough for Tesla,” said Brendan Sweeney, managing director of the Trillium Network for Advanced Manufacturing.
Detroit’s Big Three – Ford, GM, and Stellanis – all have heavy footprints in Canada, with thousands of unionized auto workers there, so Trump’s decisions will impact not only those companies but a range of part suppliers as well.
This week, BYD has decided to stall its plans to enter Canada, likely deterred by the country’s 100% federal tariffs on EVs imported from China and looming decisions coming from the US. The move puts a pin on the plan after months of legwork over the summer, with BYD execs meeting with dealers across Canada to discuss a possible distribution network of the brand’s vehicle and talking with lobbyists on how to get the federal government on board.
Back in August, Prime Minister Justin Trudeau told reporters that the government would follow the US’s plan to impose stiff tariffs on EV imports from China.
Of course, getting mines for critical minerals up and running on the home front is top of mind for Canada, to cut China out of the equation, said Brian Kingston, CEO of the Canadian Vehicle Manufacturers’ Association, according to the report. The goal here is to prove that Canada is doing its part to “decouple” from China to avoid tariffs, which he says won’t be easy, but “we have to show the Americans that we are ready to go.”
If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
Rivian founder and CEO RJ Scaringe has posted another interesting facet into the design of the American automaker’s upcoming R2 BEVs. As you’ll see below, the Rivian R2’s body harness has been significantly reduced in size, weight, and connections to enable lower assembly costs and an overall more environmentally friendly build.
If you’re not following RJ Scaringe on social media, you’re missing out. While some CEOs shy away from social media (aside from the guy who bought Twitter to create his own toxic echo chamber), Rivian’s founder has used such platforms to share interesting company progress.
In the past month, much of Scaringe’s content has pertained to the design and development of Rivian’s upcoming R2 model, and we have been all about it. In the past two weeks, RJ has shared a peek at the company’s new Maximus drive unit and photos of the R2 validation builds on a pilot line at the automaker’s facility in Normal, Illinois.
Last week, Scaringe took to Instagram and X once again to share a better look at the inner workings of the Maximus drive unit. The unit was designed to be more compact and efficiently built to help reduce the cost-per-unit production for the Rivian R2 assembly process.
Today, RJ posted more evidence of how much more optimized components of the R2 design will be.
The body harness design of the R2 is significantly simpler
RJ posted the comparison image above to Instagram this afternoon, detailing just how much more streamlined the R2’s body harness design will be compared to the Gen 2 R1 BEVs. The Rivian CEO elaborated with the following caption:
The R2 harness improves massively over the R1 Gen 2 harness. Building on the backbone of our network architecture and zonal ECUs, we focused on ease of install in the plant and overall simplification through integrated design — less wires, less clips and far fewer splices!
Simplified indeed, this reimagined body harness cuts serious weight and connectors. The front section of the body harness, in particular, truly encapsulates just how streamlined the R2’s design components are becoming. A body harness pic may not be the most exciting news to the general public, but as a BEV enthusiast on the Rivian beat, it’s amazing to see, and we hope RJ will continue to post updates like this going forward.
FTC: We use income earning auto affiliate links. More.
JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025.
Michel Euler | Afp | Getty Images
JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic.
“We are going to allow you to buy it,” Dimon said at the bank’s annual investor day on Monday. “We’re not going to custody it. We’re going to put it in statements for clients.”
The decision marks a notable step for the largest U.S. bank, particularly due to Dimon’s history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin’s entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients.
Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with “the sex trafficking, the terrorism.”
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy bitcoin.”
A JPMorgan spokesperson declined to elaborate on the bank’s specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin.
When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as “worthless.” He told lawmakers during a Senate hearing in late 2023 that he’s “always been deeply opposed to crypto, bitcoin, etc.,” and that, “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He said at the hearing that, “If I was the government, I’d close it down.”
At the 2024 World Economic Forum in Davos, Dimon said, “Bitcoin does nothing. I call it the pet rock.” He added that, “This is the last time I’m talking about the with CNBC, so help me God.”
Morgan Stanley CEO Ted Pick told CNBC at this year’s event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump.
Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.
Genesis is preparing to introduce its new flagship EV, the GV90. The brand’s largest, most luxurious electric SUV already looks stunning. The Genesis GV90 was spotted with less camo ahead of its debut, giving us a sneak peek of the “ultra-luxe” EV.
Genesis GV90 EV sheds camo during testing
We got our first look at the flagship Genesis model last March with the Neolun concept, a preview of its first full-size electric SUV.
Inspired by Korea’s iconic moon-shaped porcelain jars, the Neolun Concept is “the epitome of timeless design and sophisticated craftsmanship,” according to the luxury brand’s creative officer, Luc Donckerwolke. Genesis calls it “the ultra-luxe vision of luxury SUVs.”
The GV90 is not just a stunning-looking vehicle. It will also serve as a tech beacon for Genesis with Hyundai Motor’s most advanced software and tech, including a massive 24.6″ infotainment.
This is all great, but the feature that caught the most attention was GV90’s coach doors. Ahead of its debut, we’ve seen the GV90 out in the wild for testing a few times, including with coach doors.
Genesis claims B-pillarless coach doors are now feasible in production vehicles, hinting they will be offered on the production model. However, the feature is expected to only be offered on higher-priced trims.
Most recently, the Genesis GV90 EV was caught by the folks at SH Proshots testing at the Nürburgring with notably less camo. The new images (via TheKoreanCarBlog) give us our best look at the flagship electric SUV, and it already looks like a stunner.
A few design elements, like the two-line LED headlamps, are shown, while you can see a good outline of the vehicle’s profile.
Like the concept, the GV90 appears to retain its minimalistic design shown in the Neolun concept. With an extended wheelbase, you can clearly see the size difference compared to its other EVs, like the GV60 or Electrified GV70.
The full-size electric SUV is expected to be the first Hyundai Motor model to ride on the new eM platform, which is set to replace the current E-GMP underpinning current Kia, Hyundai, and Genesis EVs.
Although production was slated to begin later this year at Hyundai’s Ulsan plant in South Korea, a recent report from The Korea Economic Daily claims Hyundai’s new development plan now calls for it to begin in June 2026.
Prices and final specs will be revealed closer to launch, but the GV90 is expected to start at around 100 million won ($80,000) in Korea. More premium trims could cost over 200 million won ($160,000).
Source: TheKoreanCarBlog, SH Proshots
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway