21:54:04 EST Sun 07 Dec 2025
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Martinrea International Inc
Symbol MRE
Shares Issued 72,787,848
Close 2025-07-29 C$ 8.44
Market Cap C$ 614,329,437
Recent Sedar Documents

Globe says Magna, rivals see mayors pan EV mandate

2025-07-30 07:30 ET - In the News

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

The Globe and Mail reports in its Wednesday edition that the mayors of 48 Ontario cities and towns are urging Ottawa to eliminate minimum sales targets for zero-emissions vehicles, which require 20 per cent of cars sold in 2026 to be electric or hybrid, rising to 60 per cent by 2030 and 100 per cent by 2035. The Globe's Eric Atkins writes that the mayors argue that these mandates threaten tens of thousands of jobs and undermine their cities' competitiveness. Rob Burton, mayor of Oakville, said the mandates will cause economic harm. He said: "We want to continue to have a strong Canadian automaking industry. If we don't get in line with the rest of the North American market, we'll probably lose our industry from our own steps rather than anything President Trump might do through tariffs." In a letter to Prime Minister Mark Carney, the mayors call for the immediate repeal of the EV mandate "before irreversible damage is done to the auto industry, local dealerships and the communities that depend on them." The group urges the government to instead foster the adoption of EVs with a "market-driven" approach, using industry-approved strategies. The auto industry too has been lobbying intensely against the mandates.

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