14:08:01 EDT Tue 23 Jun 2026
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Martinrea International Inc
Symbol MRE
Shares Issued 70,109,580
Close 2026-06-22 C$ 10.29
Market Cap C$ 721,427,578
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Globe say Magna, rivals hear plan for more Chinese EVs

2026-06-23 07:59 ET - In the News

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

The Globe and Mail reports in its Tuesday, June 23, edition that Industry Minister Melanie Joly, after her visit to Shanghai and Beijing, said on Monday that Canada plans to expand its low-tariff electric vehicle imports from China over the next five years. The Globe's Steven Chase writes that Prime Minister Mark Carney struck a deal with China in January to reduce 100-per-cent tariffs on Chinese electric vehicles in exchange for lower Chinese tariffs on Canadian canola and agricultural exports. Starting in 2026, Canada will allow 49,000 Chinese-made EVs with a tariff rate of about 6 per cent, increasing annually by 6.5 per cent. On Monday, Ms. Joly said Canada remains committed to expanding low-tariff access for Chinese vehicles under the deal. By 2031, the quota will permit about 67,000 Chinese-made EVs into the country. "This is already set, and this was communicated back in January, so no surprises," Ms. Joly said. Asked how Canada would resolve increased Chinese EV imports with U.S. interest in aligning external tariffs among the three USMCA countries, Ms. Joly said Canada's trade negotiators would protect this country's interests. And, she said, the deal ensures greater market access for Canadian exports.

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