14:22:54 EDT Thu 02 May 2024
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 79,140,940
Close 2023-11-06 C$ 12.26
Market Cap C$ 970,267,924
Recent Sedar Documents

Globe says Magna, rivals see China rising in Mexico

2023-11-07 07:58 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Tuesday edition that Canada's auto parts industry is worried about a string of investments by Chinese firms in Mexico's auto industry, moves it argues are designed to skirt rules in the United States-Mexico-Canada Agreement that give favourable tariff treatment to cars made mostly with North American parts. The Globe's Steven Chase writes that Auto Parts Manufacturers Association president Flavio Volpe says his organization's worry is that the investments are being made by entities that are owned by the Chinese government, or that benefit greatly from support from the Chinese state. He says he is concerned that this state-sponsored competition will end up costing Canadian auto parts makers both profits and jobs. More than 65 Canadian auto-sector companies operate about 120 factories in Mexico, where they employ more than 44,000 people. In Canada, the auto parts industry employs about 100,000 people, including those who make the tools necessary for part making. Mr. Volpe says Canadian auto parts companies will increasingly be competing with Chinese companies that "have a different relationship with return on investment" and do not face the same investor pressure for profit.

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