Suppliers slash spending, jobs, EV plans as they brace for middling new-vehicle sales
Major North American suppliers are reducing engineering and R&D spending and cutting thousands of jobs to support profit margins as they anticipate weak new-vehicle sales growth and electric vehicle sales uncertainty.
Lear Corp., for example, cut about 15,000 jobs worldwide in 2024, a figure it expects to match in 2025.
'The actions we are taking will continue to improve efficiency in our operations,' said Lear Corp. CEO Ray Scott during a Feb. 6 conference call with investors.
The days of suppliers touting huge investments in engineering and retooling plants for EV parts production are over. Today, it's become more fashionable for suppliers to find ways to save money in a highly uncertain market, and to prioritize free cash flow and shareholder returns.
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Suppliers including Lear, Dana, Magna International and BorgWarner have detailed layoffs, factory closures and spending cuts in recent months. Companies have pointed to potentially weak new-vehicle sales growth, lower-than-expected EV production and high labor costs as reasons.
The moves also come as suppliers brace for potential U.S. tariffs on Canadian and Mexican imports and higher duties on steel and aluminum, each of which are scheduled to go into effect in March. Suppliers have warned that tariffs could further reduce new-vehicle demand and raise volatility in vehicle and parts production.
Some companies are being rewarded on Wall Street for their efficiency plans, none more so than Dana. Shares in the Maumee, Ohio, supplier have risen nearly 40 percent this year, thanks in part to plans outlined in January to reduce costs by $300 million through 2026. About $175 million is expected to come this year.
A 'large portion' of those savings are related to shifts in the company's EV strategy, CFO Timothy Kraus said on a Feb. 20 call with analysts. Dana anticipates spending less on capital investments than in previous years, and it expects its automaker customers to provide it with more financial offsets to cover those costs in 2025, CEO Bruce McDonald said.
'2025 for us is going to be a transformational year,' he said, pointing to the cost savings and the sale of its off-highway business. The moves will enable Dana to 'return capital to our shareholders and be left with the best-in-class balance sheet in our space.'
McDonald was appointed CEO of Dana on Nov. 25, replacing James Kamsickas. But drastic changes are also being pursued at companies with long-time leaders at the helm.
Lear, for example, is moving ahead with an aggressive plan to automate its plants and decrease head count. The 15,000 jobs it slashed last year, most of which were outside the U.S., resulted in about $150 million in annualized savings, Lear said.
It closed or sold 13 factories in 2024 with plans to unload five more in 2025, all while boosting automation and artificial intelligence at its other plants. In recent months, it has acquired Spanish automation company WIP Industrial Automation and Portuguese systems integrator StoneShield Engineering to augment those efforts.
Lear, the largest U.S. supplier, is pursuing a more conservative approach to capital deployment at its factories when it receives new business, Scott said.
'We're much more tempered in how we look at deploying capital, particularly in new areas of investment with our customers,' he said.
BorgWarner has taken a similar approach. It looks to save $100 million through job cuts and reduced spending in its e-products division partly because of the weaker-than-expected sales of EV parts.
Those moves will help the company maintain its profit margins even as it expects its sales to decline in 2025, BorgWarner CFO Craig Aaron said.
'We're going to keep our focus on cost control as we move forward,' he said on a Feb. 6 call.
Magna, the largest North American supplier, is also targeting expansive cuts, particularly as it relates to engineering. The company eliminated about $124 million in engineering spending in 2024, a number expected to grow to around $500 million by 2026, CFO Pat McCann said.
'You can see that structurally, we have made a lot of changes to different activities inside our company,' CEO Swamy Kotagiri said.
Magna and other suppliers are preparing for the impact of U.S. tariffs and potential retaliatory measures by other countries. The higher costs associated with the tariffs could prove to be unsustainable for much of the supply base, even after accounting for cost-saving measures, Kotagiri said.
'The industry has already been under stress for the last four years, whether it was the pandemic or the chip and other supply chain disruptions and macroeconomic interest rates,' Kotagiri told Automotive News. 'We've been clawing back some of the negative impacts that we've had, but this comes on top of that. And that's why I say it's untenable for the supply base to absorb this.'
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We also show how partnering with a cross-border financial advisor skilled in cross-border tax planning and holistic Canada U.S. Financial Planning can turn potential minefields into manageable stepping-stones. 1. Profile of Our Relocated Canadian Meet Daniel, a 38-year-old software architect from Ottawa who will spend the next three to five years heading his company's U.S. product division. He moves with a spousal work permit, two school-aged children, and an eye toward laying down roots in The Woodlands. His goals: Purchase a family home within six months. Keep ties to his Canadian RRSP and corporate pension. Minimize cross-border tax friction during ownership and upon eventual sale. Avoid shocking surprises if he returns to Canada or remains in the U.S. long-term. Daniel's situation is typical of thousands of Canadian professionals sent south every year. The decisions he makes in the first twelve months will shape his tax exposure for a decade. 2. Why The Woodlands Appeals to Canadian Expats Before diving into taxes, it helps to grasp why The Woodlands is a magnet: No state income tax. Texas's lack of state tax is attractive, but the savings can blind newcomers to other levies—especially robust property taxes and potential federal implications. Texas's lack of state tax is attractive, but the savings can blind newcomers to other levies—especially robust property taxes and potential federal implications. Corporate campuses and energy corridor access. Many Canadian energy and tech companies maintain Houston-area offices. Many Canadian energy and tech companies maintain Houston-area offices. Lifestyle parity. Top-ranked schools, extensive green spaces, and family-friendly suburbs echo the comforts of Canadian metropolitan life. Yet each perk comes bundled with unique tax nuances that differ sharply from Ontario, Alberta, or British Columbia norms. 3. The Cross-Border Tax Landscape—Setting the Table 3.1 Dual-Tax Residency Tension Upon arrival, Daniel could be considered a resident of both Canada and the United States. Canada taxes worldwide income based on residency, while the U.S. taxes based on citizenship or substantial presence. Because Daniel is neither a USC nor a green-card holder, his U.S. residency hinges on the Substantial Presence Test (SPT). If he spends 183 weighted days or more during a calendar year—or elects residency under IRC §7701(b)(4)—he becomes a U.S. resident for federal tax purposes. Implication: Owning a Texas home can strengthen U.S. residency ties, but the Canada-U.S. Tax Treaty's tiebreaker rules may still assign him to one country. Understanding that interplay is critical before signing a purchase contract. 3.2 Capital vs. Ordinary Income Canada and the U.S. both treat real-property gains as capital in nature, but depreciation rules, currency fluctuation reporting, and the principal-residence exemption differ dramatically. 3.3 Withholding Regimes (FIRPTA) When foreign persons sell U.S. real estate, the Foreign Investment in Real Property Tax Act (FIRPTA) generally requires buyers to withhold 15 percent of the gross selling price. Daniel might recoup a portion upon filing his U.S. return, but cash-flow pain is real unless planning steps are taken before listing. 4. Buying a Home in Texas—Step-by-Step Tax Concerns 4.1 Financing: U.S. Mortgage vs. Canadian HELOC U.S. Mortgage: Generally easier for local underwriters to evaluate, but Daniel must build two‐year U.S. credit history or rely on cross-border lender programs that accept Canadian credit reports. Generally easier for local underwriters to evaluate, but Daniel must build two‐year U.S. credit history or rely on cross-border lender programs that accept Canadian credit reports. Canadian HELOC (Home Equity Line of Credit): Tapping equity in an Ottawa property introduces exchange-rate exposure and potential thin-capitalization issues if the HELOC is later converted to U.S. denominated debt. Pro Tip: Some Canadians structure purchases through cross-border lenders who report mortgage interest to the IRS on Form 1098, simplifying deductibility claims on a U.S. Schedule A. 4.2 Down-Payment Sourcing Large CAD-to-USD transfers trigger FINTRAC and U.S. anti-money-laundering forms. Banks may request Form 3520/3520-A filings if funds flow through Canadian trusts or corporate entities. Missteps can incur $10,000+ penalties, making early consultation with a cross-border financial advisor essential. 4.3 Texas Property Taxes & Homestead Exemption Texas eschews state income tax and instead funds schools and counties via property taxation. New arrivals often gasp at effective rates of 2–3 percent of appraised value. Claiming a homestead exemption can lower this burden, but Daniel must establish Texas residency (driver's license, voter registration) while ensuring he does not inadvertently sever Canadian ties too soon. 5. Canadian Tax Treatment During Ownership 5.1 Principal Residence Exemption (PRE) Limitation If Daniel keeps his Ottawa condo and designates it his Canadian principal residence, the Texas property accumulates non-resident capital-gain tax in Canada. Conversely, electing the Texas house as his PRE may jeopardize Ottawa gains. The formula is: Exempt years=years designated as principal residence+1years owned\text{Exempt years} = \frac{\text{years designated as principal residence} + 1}{\text{years owned}}Exempt years=years ownedyears designated as principal residence+1 5.2 Foreign Tax Credit (FTC) and Double Tax Relief When Daniel files his T1 return, gains from U.S. real estate remain taxable in Canada absent PRE coverage. However, he may claim a foreign tax credit for U.S. taxes paid, limited to the lesser of actual U.S. tax or Canadian tax on the same income. Coordinating the timing of sale to maximize FTCs—while avoiding Alternative Minimum Tax (AMT) intricacies—is a classic value-add from cross-border tax planning . 5.3 Foreign Reporting (T1135) The Texas home, as foreign real property, must be reported annually if cost exceeds CAD $100,000. Failure to file T1135 triggers penalties averaging CAD $2,500 per year, plus potential gross-negligence fines. 6. U.S. Federal Tax Treatment During Ownership 6.1 Mortgage Interest & SALT Deduction Limits Post-Tax Cuts and Jobs Act, SALT (state and local tax) deductions are capped at USD $10,000. Property taxes alone in The Woodlands can hit that ceiling. Mortgage interest on up to USD $750,000 of acquisition debt is deductible if Daniel itemizes. Strategic loan sizing and thoughtful prepayments can maximize after-tax benefits. 6.2 Depreciation vs. Canadian Capital Cost Allowance (CCA) U.S. rules allow 27.5-year straight-line residential depreciation, generating annual losses that may offset rental income if Daniel converts the home to a rental later. In Canada, claiming CCA on foreign rental property forfeits PRE for that year and complicates recapture. Proper ledger separation is crucial. 6.3 Passive Activity Loss (PAL) Limitations If Daniel's adjusted gross income exceeds USD $150,000, passive losses may be suspended. A future sale can unlock those suspended losses, reducing taxable gain—a nuance often missed without sophisticated Canada U.S. Financial Planning . 7. Currency Considerations—The Hidden Tax 7.1 Foreign Exchange on Purchase Buying at CAD $1 = USD $0.72 and selling at parity can inflate capital gains when measured in Canadian dollars. Both CRA and IRS require reporting in domestic currency. Daniel should maintain contemporaneous FX records, ideally automated through multi-currency software recommended by his cross-border financial advisor . 7.2 Mortgage Currency Mismatch If Daniel borrows in USD but earns in CAD, each mortgage payment involves a deemed FX disposition. Over years, small unrealized currency gains can snowball into taxable events in Canada. 8. Selling the Texas Home—Major Minefields 8.1 FIRPTA Withholding Mechanics Unless Daniel becomes a U.S. green-card holder, the buyer must withhold 15 percent of gross proceeds (not net gain). Exceptions: Sale price under USD $300,000 and buyer intends to occupy. IRS withholding certificate obtained pre-closing by projecting actual tax liability. Applying for a certificate demands credible cost-basis documentation—closing statements, renovation invoices, depreciation schedules—meticulously curated during ownership. 8.2 Section 121 Exclusion (U.S. Principal Residence) If Daniel (and spouse) live in the home for at least two of the five years preceding sale, they may exclude up to USD $500,000 of gain. But watch: Nonresident aliens cannot claim §121; Daniel must be a U.S. tax resident in year of sale. Depreciation recapture from rental years is taxable at 25 percent. 8.3 Canadian Capital-Gain Inclusion Canada taxes 50 percent of the capital gain, converted to CAD at settlement date FX. If Daniel already used his PRE on the Ottawa condo, the Texas gain is fully taxable in Canada. However, U.S. federal (and potential FIRPTA) tax becomes a foreign tax credit, mitigating double taxation. 9. Estate Tax, Probate, and Gifting 9.1 U.S. Estate Tax Exposure Non-U.S. persons owning U.S. situs assets above USD $60,000 face U.S. estate tax. Treaty formulas prorate Daniel's exposure based on his worldwide estate relative to the U.S. unified credit. Titling the home in a Canadian corporation or cross-border trust can shield estate tax but may sacrifice preferential rates on capital gains. 9.2 Texas Probate Texas probate is relatively streamlined, yet any foreign executor will need an in-state attorney ad litem. A revocable living trust or enhanced transfer on death (TOD) deed can avoid probate delays. 9.3 Gifting the Property to Children A well-intentioned gift could trigger FIRPTA, U.S. gift tax (if donor or donee is U.S. resident), and Canadian deemed disposition. A coordinated gift-splitting strategy under treaty Article XXIX B may alleviate double levies. 10. How a Cross-Border Financial Advisor Adds Value 10.1 Pre-Arrival Blueprint Residency Modeling: Simulate days in U.S. vs. Canada under multiple scenarios to determine treaty residency and tax domicile. Simulate days in U.S. vs. Canada under multiple scenarios to determine treaty residency and tax domicile. Financing Structure: Compare cross-border mortgage programs, evaluate CAD-indexed lines of credit, and optimize deductible interest alignment with personal cash flows. 10.2 Ownership Phase Management Recordkeeping Automation: Tools for dual-currency ledgers, T1135 reminders, U.S. FBAR reporting, and depreciation tracking. Tools for dual-currency ledgers, T1135 reminders, U.S. FBAR reporting, and depreciation tracking. Proactive SALT Optimization: Balancing property-tax prepayments with SALT cap, charitable bunching, and Roth vs. TFSA contribution timing. 10.3 Exit and Re-entry Strategy FIRPTA Certificate Applications: Coordinate appraisals, gather cost basis evidence, and file Form 8288-B to reduce withholding at closing. Coordinate appraisals, gather cost basis evidence, and file Form 8288-B to reduce withholding at closing. Gain Harvesting vs. Deferral: Weigh selling during low-income sabbaticals or before anticipated CAD appreciation. Weigh selling during low-income sabbaticals or before anticipated CAD appreciation. Repatriation Planning: If returning to Canada, merge proceeds into RRSP top-ups, RESP funding, or principal-protected notes to hedge FX risk. 10.4 Integrated Canada U.S. Financial Planning Across these stages, advisors combine treaty literacy with investment management, insurance structuring, and estate design—creating a unified roadmap. Without such guidance, homeowners may overpay taxes, misfile forms, or miss filing windows that close after 15 June (CRA) or 15 April (IRS). 11. Case Study: Daniel's Tailored Outcome With his cross-border financial advisor , Daniel: Secured a USD $600,000 mortgage through a lender accepting Canadian credit, ensuring Form 1098 issuance. Claimed Texas homestead exemption while preserving Ottawa condo as Canadian PRE under treaty tie-breaker year one; year two he cut Canadian ties and became U.S. resident, unlocking §121 eligibility. Automated FX logs via multi-currency bookkeeping to track CAD cost basis. Initiated a revocable trust holding title, minimizing probate and segmenting estate-tax exposure. Filed Form 8288-B at listing; buyer withheld only estimated tax, freeing cash for a down payment on a new Houston suburb upgrade. Leveraged foreign tax credits to eliminate Canadian tax after Ottawa condo sale, resulting in combined capital-gain tax below 10 percent. Net savings over a five-year horizon: USD $140,000 compared with do-it-yourself compliance, plus immeasurable peace of mind. 12. Practical Checklist for Would-Be Buyers Phase Action Item Advisor Touchpoint Pre-Purchase Model residency days; apply CRA Form NR73 if needed Residency calibration Obtain pre-approval from cross-border lender Mortgage structuring Closing Draft statement of adjustments capturing currency rates Cost-basis tracking Ensure title insurance recognizes foreign status Legal coordination Ownership File T1135 annually; claim U.S. deductions Ongoing compliance Review property-tax assessments; protest if inflated SALT optimization Disposition Request FIRPTA certificate 90+ days pre-close Withholding mitigation Allocate suspended passive losses; time sale for low-bracket year Exit strategy 13. Beyond Taxes: Lifestyle & Risk Considerations Healthcare Coverage: Provincial health coverage may lapse after 182–212 days abroad; supplemental U.S. plans must coordinate with travel back to Canada. Provincial health coverage may lapse after 182–212 days abroad; supplemental U.S. plans must coordinate with travel back to Canada. Insurance Gaps: Texas homeowner policies exclude windstorm and flood; cross-border advisors coordinate umbrella liability with excess personal‐liability riders valid in both countries. Texas homeowner policies exclude windstorm and flood; cross-border advisors coordinate umbrella liability with excess personal‐liability riders valid in both countries. Education Savings: RESP contributions may be penalized under U.S. PFIC rules—alternatives include 529 plans or brokerage accounts, harmonized via global asset-allocation overlays. 14. Frequently Overlooked Pitfalls Treaty Elections Filed Late: Missing the Article IV tiebreaker statement or §216 election for rental income can double-tax first-year rent. Ignored Departure Tax: If cutting Canadian residency, deemed disposition on worldwide assets—including pensions—may trump property concerns. State-Level Surprises Outside Texas: Future job moves to states with income tax (e.g., California) alter deductibility and estate planning frameworks. Canadian 'Foreign Buyer' Taxes: Provinces like British Columbia impose speculation taxes on homes left vacant; returning expatriates may unwittingly owe if they keep Canadian real estate. Conclusion: Transform Minefields into Milestones Real estate has long stood as a symbol of stability and personal success. For Canadians dispatched to The Woodlands, however, the purchase of a dream home doubles as an intricate cross-border tax project. Navigating dual-residency rules, withholding regimes, depreciation traps, and currency swings requires more than guesswork—it demands specialized expertise. A seasoned cross-border financial advisor integrates legal, tax, and cash-flow insights into one cohesive playbook. Through proactive cross-border tax planning and comprehensive Canada U.S. Financial Planning , homeowners like Daniel not only avoid pitfalls but also leverage treaty advantages, maximize cash retention, and secure generational wealth across two nations. In the end, the key lesson is simple: treat your relocation home not just as a roof over your head, but as an asset that spans two tax jurisdictions. With the right guidance, you can enjoy Texan sunshine, Houston career growth, and Canadian financial peace of mind—without getting scorched by unexpected tax rays along the way. TIME BUSINESS NEWS
