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.
Is a Chinese century now dawning?
The prime minister is seeking new markets for Canadian goods and to mend relations with China after years of deep acrimony between the two nations.
The European Commission allowed carmakers to volunteer limits on their imports from China instead of paying tariffs, an arrangement that could help Volkswagen.
The German automaker’s sales in the United States plunged last year, hit by tariffs and the end of tax credits for electric vehicles.
Mientras la guerra se reinventa en Ucrania y Silicon Valley se afana por mantener su liderazgo en IA, el dominio chino de las baterías causa inquietud mucho más allá de la industria automovilística.
As warfare is reinvented in Ukraine, and Silicon Valley races to maintain its A.I. lead, China’s battery dominance is raising alarms far beyond the auto industry.
The automaker switched production from Ontario in a bid to please President Trump. But the company defaulted on contracts covering hundreds of millions of dollars in assistance, Canada said.
Sales of expensive battery-powered cars like the Ford F-150 Lightning have stalled, forcing automakers to slow production and offer more affordable vehicles.
Two economists on the price of playing nice with a superpower.
The leaders of Canada and China will meet for the first time in eight years to try to reset relations after years of acrimony.
Ford said a fire at an aluminum factory will lower profits in the last three months of the year. The company also said it has stopped making an electric version of its popular F-150 pickup.
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.
The vast Global Digital Trade Expo in Hangzhou stood as a rebuke to U.S. efforts to hem in China’s technology. But the real competition is internal, and profits are hard to find.
The end of a federal tax credit is expected to push sales of battery-powered cars down but auto experts believe the market will eventually recover.
China’s problem with competition is that it’s too brutal.
The automaker said the reductions at its factory in Cologne come on top of 4,000 job cuts across Europe that were announced last year.