Quebec announces $25 million for greening infrastructure
Environment Minister Benoit Charette announces $25 million for improving infrastructure to face climate change. (Benoit Charette/ X)
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Globe and Mail
41 minutes ago
- Globe and Mail
Does the EV Industry Have a Truck Problem?
There's a truth in Detroit for Ford Motor Company (NYSE: F) and General Motors, and that's that trucks are king. The dirty little industry secret, if you can call it a secret, is that full-size trucks cost only marginally more to produce than a passenger car, yet the former can sell for two to three times as much. Full-size truck sales are the backbone of Detroit automakers, but as the industry transitions to electric vehicles the scene may be set to change. In fact, the EV industry might have a truck problem, and that would be horrible news for auto investors. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Disappointing results Long, long ago Tesla (NASDAQ: TSLA) CEO Elon Musk essentially mocked stereotypical trucks noting their stale design. Perhaps that's why the young EV maker swung for the fences with the Cybertruck's controversial design. But the unique design didn't stir up sales as much as it stirred conversation. Originally predicted to reach annual sales between 250,000 to half a million units, the Cybertruck has been a commercial flop. It reached only 40,000 U.S. registrations last year, and while that was good enough to be the top EV pickup truck, it was a fraction of original estimates. Because Tesla doesn't break out its sales per model, registrations can serve as a proxy to sales. Ford's highly anticipated F-150 Lightning also disappointed compared to initial hype. Ford noted before the truck's launch it had 200,000 reservations and anticipated producing 150,000 trucks annually. Its actual results were a more modest 24,695 registrations in 2023 before growing to 32,893 in 2024. Rivian (NASDAQ: RIVN), which only offers the R1T, R1S, and its electric delivery van, relies on its truck for a substantial chunk of its business, but also saw less-than-thrilling results. Rivian last reported its backlog in late 2022 at 114,000 for the R1T and R1S combined, and not only did its registrations of 11,311 feel lackluster in 2023, they actually declined to 9,876 last year. What's the problem? The problem facing investors and their love of truck profits is twofold. On one end, we have the consumer issue, which is the stigma that electric powertrains are forced to their brink when it comes to performance and towing. Consumers that use their trucks as tools sometimes have difficulties with the concept of EVs performing at the required level. On the other end, the business case also gets more difficult for trucks that require towing power. Towing requires immense power and thus larger batteries which, as the most expensive component of an EV, pushes the cost up significantly. That eats into the precious juicy margins that full-size trucks have historically presented. The head of Rivian's rival company, Lucid, had this to say when discussing the potential of Lucid making an electric truck: "I really think that it's very tough to make an electric pickup truck work today," Lucid CEO and CTO Peter Rawlinson said, according to InsideEVs. "Not one that's usable and cost-effective." At the end of the day, it's important for investors to note that trucks are struggling in the EV industry. Full-size trucks have long been the backbone for automakers that thrive in the segment. Full-size trucks haul profits like few other segments can. But without a great deal of battery technology progress or cost reduction, the day of lucrative full-size truck profits could be over for automakers in the near term. Should you invest $1,000 in Ford Motor Company right now? Before you buy stock in Ford Motor Company, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ford Motor Company wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
CBC
an hour ago
- CBC
Doug Ford's Bill 5 is now law in Ontario. Here's what happens next
Social Sharing Now that Ontario's controversial Bill 5 is law, all eyes are on what Premier Doug Ford does with the new powers it gives his government. Bill 5, also called the Protecting Ontario by Unleashing Our Economy Act, empowers the government (among other things) to create special economic zones, where cabinet can exempt companies or projects from having to comply with any provincial law, provincial regulation or municipal bylaw. Ford pitches Bill 5 as a way of shoring up Ontario's economy in the face of Donald Trump's tariffs by speeding up major infrastructure and resource projects. Ford's officials insist the government won't exempt any company in a special economic zone from Ontario's minimum wage rules or other labour laws. But the wide-open way the legislation is written would allow cabinet to hand out exemptions from any law, whether labour, environmental or operational. Asked this week which laws he's considering overriding with Bill 5 — and whether any laws are off the table for such exemptions — Ford offered no specifics. WATCH | Your quick guide to Bill 5: Breaking down the Ford government's controversial Bill 5 8 days ago Duration 7:16 The Ford government has been receiving criticism from Ontario's opposition parties, as well as environmental and Indigenous leaders on their controversial Bill 5. CBC's Mike Crawley breaks down what you need to know about the legislation. "I just want to speed up the process," he said during a news conference on Thursday, moments after Bill 5 received Royal Assent, making it law. Ford then talked of how long it takes for a mine to get into production, an issue that is actually tackled in a different part of Bill 5: revisions to the Mining Act designed to shorten Ontario's approval process to two years from the current four years. Pressed again on which laws he would exempt companies from in the special economic zones, Ford said every situation is different. Ford wants to move 'as quickly as possible' "Let's see what companies come to the table, and depending on how quickly we can get opportunities and jobs, we'll reveal them," Ford said. Ford wants Ontario's first special economic zone to be the Ring of Fire mineral deposit, some 500 kilometres northeast of Thunder Bay, in the heart of Treaty 9 territory. The area is said to be full of so-called critical minerals, such as cobalt, lithium and nickel, in high demand for the tech industry. The premier said on Thursday that he wants to make the Ring of Fire a special economic zone " as quickly as possible" but has also said he won't do so without consulting with First Nations Energy and Mines Minister Stephen Lecce says the province is already "consulting meaningfully" with First Nations and will continue to do so over the coming months. "We're all going to be part of this endeavour to really listen to those voices and help build a common vision for responsible resource development that unlocks the bounty of the resource, to change the lives of northerners and to ensure Indigenous share in that bounty," Lecce said alongside Ford at Thursday's news conference inside Queen's Park. The skepticism from many First Nations leaders is palpable. The Chiefs of Ontario invited Ford to attend their annual assembly June 17 to 19 and sent Ford a message that his attendance would mark the start of consultations on Bill 5. "This legislation, introduced without prior consultation with First Nations rights holders, raises serious concerns due to its far-reaching implications on inherent Treaty rights and community obligations to the land, waters, and wildlife," says the invitation letter from Ontario Regional Chief Abram Benedict. The Chiefs of Ontario, the umbrella group representing more than 130 First Nations across the province, are warning of "resistance, on the ground, and in the courts" against Bill 5. WATCH | What the 'duty to consult' First Nations means for governments: What is a duty to consult — and how will it affect Bill 5? 2 days ago Duration 8:45 One thing to watch for in the months to come is whether the provincial government's push to fast-track the Ring of Fire is replicated by the federal government. Ford put the Ring of Fire at the top of his list presented to Prime Minister Mark Carney for consideration as a potential nation-building project. Ford calls Carney 'Santa Claus' Carney asked all the premiers to come to last Monday's First Ministers Meeting in Saskatoon with their ideas of projects that would be "in the national interest," either by helping to diversify the Canadian economy or to reach new export markets. It's now up to Carney to decide which projects merit federal backing, whether through fast-track approvals or funding. Ford described Carney as Santa Claus for this approach. But to make the metaphor accurate, it means Ford and his fellow premiers have merely written their letters to Santa Claus, and they now have to wait until Christmas comes to find out whether Santa brings them what they asked for. The other items on Ford's list are also projects that could be designated special economic zones: new nuclear power plants, a new deep-sea port on James Bay, Ford's vision of a tunnel under Highway 401 through Toronto, and an expansion of the GO Transit network. If Carney endorses any of these, you can expect the Ford government will use its Bill 5 powers to speed up the process of moving that project from endorsement to reality. On Friday, Carney's Liberals tabled a bill in the House of Commons called the One Canadian Economy Act, designed in part to speed up the approval process of major infrastructure projects, a goal similar to Ontario's Bill 5. One line in the text of Bill 5 says its purpose is making Ontario "the best place in the G7 to invest, create jobs and do business." Economic Development, Job Creation and Trade Minister Vic Fedeli, whose chief role is attracting companies to the province, says investors around the world are hoarding capital in hopes of some economic certainty. Will Bill 5 attract investment? "That capital that's building up needs to unleash, and we want them to know that when they come to Ontario, it can be unleashed very quickly here," Fedeli said at the news conference alongside Ford and Lecce. Having Bill 5 powers on the books means Ontario could try to entice investors to set up shop in a special economic zone, but officials won't say whether that incentive is now being dangled at any particular companies. More questions remain on how exactly the government will use other powers it obtained through Bill 5, such as the power to ignore the independent scientific committee that determines whether a species is endangered or threatened in Ontario. You can expect a backlash from conservation groups whenever the government uses that power, for instance by scrapping measures that would protect the habitat of a species at risk. What's unknown is when, where and with what species the government will take such a step. Another 'watch this space' related to Bill 5: what happens with the expansion of a landfill on the edge of the southwestern Ontario town of Dresden, which the legislation exempts from having to go through a comprehensive environmental assessment.
CBC
an hour ago
- CBC
Customs brokers are cross-border trade gurus. With tariff whiplash, they're facing 'toxic uncertainty'
Dan Patrick De Los Santos's workday looks very different then it did a few months ago before the Trump administration tariffs upended trade — and his job description. Before the levies hit, De Los Santos said about 80 per cent of the shipments he helped to clear customs were routine. But now, "honestly, it's just damage control," the customs broker said. De Los Santos works for Inland Customs Brokers Ltd., a company based in Guelph, Ont. He's among the people who manage the details for how to get goods through customs. They help businesses understand how much duty might apply to their imports and exports and whether they are subject to any health and safety clearances. Then, their job is to file that information with the government. With the ever-changing tariff landscape, De Los Santos has been working overtime. "My job used to be nine to five, Monday to Friday. Now it's actually been like 9 a.m. to, like, 8 p.m. getting some calls [from] clients because they have a last-minute tariff change." Since Trump's tariffs were enacted earlier this year, Inland Customs has been trying to help their clients reorient their business to new markets and decipher the onslaught of new tariffs. Meanwhile, they are also helping customers consider the future of their business if imports to the United States are too costly. Customs brokers are experts when it comes to the details — their entire business is built around the idea that it's worth hiring them to do your customs entries, because they'll get it right. (It's a lot like hiring an accountant to file your taxes.) But with the constant changes, it's very hard for them to be the authority on anything. "We are like therapists now," said De Los Santos. "The really hard part here is ... the phone calls of people crying. That, you know, they don't want to pay this, [they are] devastated by the fact that their product that they're trying to sell is just being hit and … there's no choice for them but to just absorb the cost." Dave Coulson can relate. He said he's been getting calls around the clock, often from people who aren't even their clients — and they're all looking for help in how to navigate the nebulous world of tariffs. "I'm picking up the phone at 11 p.m. on a Sunday night with a trucker," the chief operations officer at Border Buddy said. "It's somebody stuck, and they can't get across the border and they need your help now. And we're just all hands on deck." 'The initial reaction was just simply disbelief' Industries had so little time to prepare for the tariffs, say insiders helping businesses navigate cross-border trade, which compounded the challenge. " Those sorts of rules normally would take three-to-six months to implement," Coulson said, noting that, in some cases, they had days to react to changes in the levies. Coulson called an emergency company-wide meeting every morning each time new tariffs were announced to get everyone on the same page. And it wasn't easy. The executive orders were ambiguously worded, Coulson said, and it was hard to know how to respond. "Even the most sophisticated licensed customs brokers were not aligned on the rules," he said. "We were going to LinkedIn and Reddit and chatting with other brokers trying to figure out what does this mean? What do we do?" WATCH | Exports to the U.S. falling as Trump's tariffs take effect: Canadian exports to U.S. fell more than 15% in April as Trump tariffs hit 3 days ago Duration 4:05 Regular way of doing business no longer works Part of the issue is that the tools developed to help customs brokers can't keep up with the pace of the tariff changes. Elvis Cavalic works for Zipments, a company that has created an online calculation tool to help brokers and importers calculate duties or levies on their goods. But it's hard to create an equation right now because the numbers aren't consistent, he said. Cavalic said he started out in the business because he believed he could create a solution to simplify the sometimes elaborate hurdles needed to clear customs. But as the tariffs continue to evolve, they can't update the calculator fast enough to reflect the constant changes, Cavalic said. "So something that may have taken one hour in the past could take four or five hours," he said, noting they had to enter everything manually. "You can't necessarily pass those costs onto customers." Changing work De Los Santos saw his Canadian retailers quickly look for new suppliers outside of the U.S. after the federal government imposed 25 per cent tariffs on a host of U.S. goods in response to Trump's initial levies. And though the tariff doesn't apply to all U.S. products, they affect a lot of De Los Santos's clients. He used to source fishing rods and hunting gear for Canadian outdoor shops from just across the border — in New York State, but now he sees his clients turning to China. "The irony is a brutal thing," he said. "[The tariffs] were supposed to boost U.S. factories, right? Instead, all these products we're seeing now are made in China or Vietnam … American companies can't scale up fast enough." WATCH | Duty free shops feeling the pinch of tariffs: How Trump's trade war is hurting duty-free shops 1 month ago Duration 1:31 After U.S. President Donald Trump unleashed a trade war with Canada, cross-border traffic has declined by nearly 20 per cent. For The National, CBC's Nick Purdon went to duty-free stores to see the drastic impact on their businesses — and their lives. And other clients are in a holding pattern. Coulson tells a story about a client who told a container ship from China not to unload dog treats and toys in California, because, at the time, on May 8, the imported goods would have been hit with levies of 145 per cent. Instead, the container ship kept sailing. "They're crossing their fingers that by the time it gets to New York, the tariffs will be lifted or reduced." For that client, it worked out — when the ship reached New York, the tariffs had been cut to 30 per cent, and the company accepted the goods. But other ships are still waiting, afloat on the ocean.
