The agreement, while scarce on details, is the latest step by Prime Minister Mark Carney to reduce Canada’s reliance on trade with the U.S.
The automaker said that it would buy back stock worth up to $6 billion and that it expected profit to rise this year after it pulled back from electric vehicle production.
U.S. trade policy has devastated the Canadian auto industry and pushed the country to reach an agreement that will make it easier for Chinese companies to sell cars there.
The president’s hostility to E.V.s is hurting U.S. automakers.
The German automaker’s sales in the United States plunged last year, hit by tariffs and the end of tax credits for electric vehicles.
General Motors said it was writing down the value of battery and electric vehicle factories after changes in federal policy undercut demand.
The political polarization of battery-powered cars may have started when Toyota released its first hybrid model 25 years ago.
Readers told us how insurers are raising premiums and, in some cases, cutting back coverage, as climate change shakes up the real estate market.
The president said he would weaken Biden-era mileage standards, which were designed to increase electric-vehicle sales, calling them a “scam.”
But the chief executive, Mary Barra, added that the jury was still out on whether electric vehicles would become a major seller in the United States.
Executives from top automakers were invited to attend the announcement at the White House on Wednesday.
Weary of being captive to geopolitics, car companies are looking for ways to replace powerful rare-earth magnets in electric motors.
Sales of expensive battery-powered cars like the Ford F-150 Lightning have stalled, forcing automakers to slow production and offer more affordable vehicles.
The leaders of Canada and China will meet for the first time in eight years to try to reset relations after years of acrimony.
The layoffs at factories in Michigan, Ohio and Tennessee follow the elimination of a $7,500 federal tax credit for electric cars.
Drivers will be able to converse with an artificial intelligence assistant while cars largely drive themselves in certain situations, the company said.
The announcement, which will eliminate about 1,200 jobs, came less than a week after the carmaker Stellantis said it would move production of a new vehicle to Illinois from a Toronto suburb.
The automaker’s shares jumped as investors focused on an upgraded forecast for some financial measures, as well as a lower-than-expected bill for tariffs this year.
General Motors said it would lower its earnings by that amount to mainly reflect the drop in the value of equipment, factories and other assets.
Elon Musk’s electric car company said the new versions would start at around $37,000 and $40,000, prices that bring its cars closer to comparable gasoline vehicles.