11:27:17 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 410,624,820
Close 2015-04-23 C$ 64.51
Market Cap C$ 26,489,407,138
Recent Sedar Documents

Globe says GM, others see Ottawa make odd investment

2015-04-24 06:52 ET - In the News

See In the News (C-GMM) General Motors Company

The Globe and Mail reports in its Friday, April 24, edition that in some ways it makes sense for Export Development Canada to be lending Germany's Volkswagen $525-million to help it build auto assembly plants in the Southern United States and Mexico. The Globe's Barrie McKenna writes that EDC says these kinds of loans are a proven way to "open doors" for Canadian exporters -- in this case, helping parts makers join Volkswagen's supply chain. Auto production is migrating. EDC says its job is to help Canadian companies go where the business is in the world. However, if seen through the lens of a Canadian auto worker, it probably seems like a raw deal. The Globe wonders why the Tory government encourages foreign automakers to build plants in Mexico or the U.S. when Canada is in a desperate fight to keep the dwindling auto investment it has. This week's federal budget earmarked $100-million to help auto parts makers develop new products. However, there was no hint of support for auto assembly plants. Industry experts have warned repeatedly that without more government help, vehicle production will continue to wither in Canada. Mr. McKenna says Canada is losing the race to get new production.

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