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Breaking with the United States, Canada has agreed to cut its 100% tariff on Chinese electric cars in return for lower tariffs on Canadian farm products, Prime Minister Mark Carney said Jan. 16.

The bill would favor a market-based approach by setting up the independent body charged with building a stockpile of critical minerals, stabilizing prices and encouraging production.

The proposal would require approval from state lawmakers, who are set to negotiate the broader California budget ahead of a July deadline. California is the biggest EV market in the country.

General Motors will take another $6 billion in charges tied to production cutbacks in its EV and battery operations as the financial fallout spreads from the weakening U.S. market for EVs.

Many exhibitors and speakers at CES highlighted the shift toward software-defined vehicles that can be upgraded over time through remote updates without requiring hardware changes.

Growth in global sales of EVs is expected to slow as China winds down some subsidies, Europe wavers on its phase-out of combustion engines, and U.S. producers make a U-turn from the segment.

BYD increased battery-electric vehicle sales both for the quarter and the full year, delivering almost 2.26 million EVs in 2025 to Tesla’s 1.64 million.

While fully electric cars and trucks made up 10% of all auto sales in the U.S. in the third quarter, another 15% of transactions were for hybrid vehicles, and analysts expect hybrid sales to continue accelerating. 

Polestar Automotive Holding UK has secured $300 million in new financing, giving the cash-burning electric vehicle maker a fresh lifeline as it contends with heavy losses.

Ford said it will no longer make the F-150 Lightning electric pickup truck, instead opting for an extended range version of the vehicle.