A General Motors plant in Ingersoll, Ont., has been converted into an assembly line for electric delivery vans, making it the first full-scale electric vehicle-making facility in Canada.
The first BrightDrop Zevo 600 rolled off the line at the CAMI plant on Monday, marking the reopening of the facility that was temporarily shuttered in May in order to retool itself from making internal combustion engines into one that builds electric vehicles.
“We are fully committed to an all-electric future,” GM Canada president Marissa West told CBC News in an interview. “We’re seeing a really high customer demand.”
Representatives of the provincial and federal governments, which each kicked in $259 million to help the automaker upgrade the facility, were on hand for a media event commemorating the opening. The total price tag for the GM’s upgrades to its facilities in Ontario in Ingersoll and Oshawa was $2 billion, GM has said previously.
BrightDrop is a unit of GM that focuses on building delivery vehicles for commercial customers, not passengers. Prior to the CAMI upgrading, GM made the BrightDrop vans on a very limited basis at another facility in Michigan.
Similarly, other electric vehicles have been made on a limited basis in Canada, but nothing on the scale of what GM has planned with the BrightDrop launch.
Banking on electric future
After decades as a key hub in the North American auto industry, Canada’s status as a car-making powerhouse has slipped in recent years, as the major car companies have slowly cut back production at facilities scattered across southern Ontario.
The last round of union negotiations in late 2020, however, made it clear that both sides see the industry’s future is electric, and Monday’s unveiling is likely the first in what’s set to be a long line of Canadian-made EVs.
“We really believe that we’re at an inflection point where EVs are becoming much more mainstream,” West said.
Though niche right now, electric vehicles are taking up more and more space on Canadian roads. Up to five per cent of all vehicles in Canada are either fully electric or hybrid, and that ratio is expected to increase in the coming years.
By 2035, the government insists that all new vehicles in Canada will be electric, an ambitious target for a little over 12 years from now, but Monday’s announcement brings that one step closer.
According to West, GM has a similar timeline for its operations around the world, with the company forecasting its entire global fleet to be free of tailpipe emissions by 2035.
Jacquie Richards, the quality launch manager at the facility, says the future is now, when it comes to electric vehicles.
The vehicle itself, the BrightDrop Zevo 600, will be used primarily by commercial customers including FedEx, Walmart, DHL, Verizon and others.
“I’m excited to see this vehicle we’re making delivering packages in our neighbourhood,” Richards said.
Production will start slow, with just a few thousand vehicles annually, but that’s expected to ramp up to 50,000 at year by 2025.
After a rough few years for the industry, Mike Van Boekel, chair of Unifor Local 88, which represents the plant’s hourly workers, said it’s nice to be positive about the future again.
He said roughly 700 people who were employed at the CAMI facility have voluntarily retired in the past two years, but the new work means anyone who had a job there before who wants one now can have one.
The plant was idled in May for the refurbishment, but as of Monday, there were about 400 workers on the line — with maybe more to come.
“We’ll actually have to hire for the third shift, which is good news for people looking for work as well,” he told CBC News. If that happens, there could be as many as 1,600 people working at the CAMI plant by the end of next year.
With the GM news and other initiatives about critical mineral mines and battery facilities, Canada’s automotive sector is pinning its hopes on the future on electrification, and automotive consultant Sam Fiorani says that’s a smart move.
Countries like Norway and others are well ahead of North America in terms of electric vehicle adoption, but consumer appetite is growing, the founder of Auto Forecast Solutions said.
“The U.S. Canada, and much of the rest of the world are going to be behind them. But we’ll get there over the next 20 years.”
A big problem facing the industry for now isn’t demand, but supply. “Supply of vehicles has been so tight that dealers can offer whatever they want,” he said. “I’ve walked into dealerships where they tack $5,000 onto the list price of a car; it’s just outrageous at the moment.”
But as inventories slowly build up, there will be more and more vehicles for consumers in the key price range of $20,000 to $40,000, which is when things will really take off. And Fiorani says Canada is poised to make more than its fair share of them.
“With the market in the U.S. moving very rapidly toward EVs, the Canadian industry will be really well-situated for providing a lot of vehicles for the U.S.,” he said. “They’re well-positioned to get more than their share. I think Mexico might be behind at the moment.”
FTX founder Bankman-Fried objects to tighter bail, says prosecutors 'sandbagged' him – Reuters
NEW YORK, Jan 28 (Reuters) – Lawyers for Sam Bankman-Fried on Saturday urged a U.S. judge not to ban the indicted FTX cryptocurrency executive from communicating with former colleagues as part of his bail, saying prosecutors “sandbagged” the process to put their client in the “worst possible light.”
The lawyers were responding to a Friday night request by federal prosecutors that Bankman-Fried not be allowed to talk with most employees of FTX or his Alameda Research hedge fund without lawyers present, or use the encrypted messaging apps Signal or Slack and potentially delete messages automatically.
Bankman-Fried, 30, has been free on $250 million bond since pleading not guilty to charges of fraud in the looting of billions of dollars from the now-bankrupt FTX.
Prosecutors said their request was in response to Bankman-Fried’s recent effort to contact a potential witness against him, the general counsel of an FTX affiliate, and was needed to prevent witness tampering and other obstruction of justice.
But in a letter to U.S. District Judge Lewis Kaplan in Manhattan, Bankman-Fried’s lawyers said prosecutors sprung the “overbroad” bail conditions without revealing that both sides had been discussing bail over the last week.
“Rather than wait for any response from the defense, the government sandbagged the process, filing this letter at 6:00 p.m. on Friday evening,” Bankman-Fried’s lawyers wrote. “The government apparently believes that a one-sided presentation – spun to put our client in the worst possible light – is the best way to get the outcome it seeks.”
Bankman-Fried’s lawyers also said their client’s efforts to contact the general counsel and John Ray, installed as FTX’s chief executive during the bankruptcy, were attempts to offer “assistance” and not to interfere.
A spokesman for U.S. Attorney Damian Williams in Manhattan declined to comment.
Bankman-Fried’s lawyers proposed that their client have access to some colleagues, including his therapist, but not be allowed to talk with Caroline Ellison and Zixiao “Gary” Wang, who have pleaded guilty and are cooperating with prosecutors.
They said a Signal ban isn’t necessary because Bankman-Fried is not using the auto-delete feature, and concern he might is “unfounded.”
The lawyers also asked to remove a bail condition preventing Bankman-Fried from accessing FTX, Alameda or cryptocurrency assets, saying there was “no evidence” he was responsible for earlier alleged unauthorized transactions.
In an order on Saturday, Kaplan gave prosecutors until Monday to address Bankman-Fried’s concerns.
“The court expects all counsel to abstain from pejorative characterizations of the actions and motives of their adversaries,” the judge added.
Our Standards: The Thomson Reuters Trust Principles.
Gold declines in light of the report that revealed inflation continues to decline – Kitco NEWS
As of 6:00 PM EST, the February contract of gold futures has fallen for the second time in the last seven trading days. Currently, gold futures are fixed at $1927.60, a decline of $2.40 or 0.12%. Gold traded to a high of $1935.40, and a low of $1916.50.
The key takeaway from today’s PCE inflation index report was that the core PCA index declined in December by 0.3%. The preferred inflation index used by the Federal Reserve was at 4.7% year-over-year in November and declined to 4.4% year-over-year last month.
Both reports will influence decisions made by the Fed at next week’s FOMC meeting.
They will be critical components used by the Federal Reserve next week and will most likely strengthen the conviction of hawkish Fed officials to maintain their extremely aggressive monetary policy. Currently, the Federal Reserve’s forward guidance is composed of additional rate hikes and maintaining elevated rates for a longer time.
The most likely outcome is that the Fed will raise the rate by ¼% at the next two meetings. The Federal Reserve has stated they continue to work to reach its inflation target of 2%. A vast majority of market participants continue to believe that the Fed will backpedal on its commitment to keep rates elevated through 2023.
I will be speaking at the VRIC 2023 (Sunday, January 29-30) at the Vancouver Convention Center. Both Kitco News and I wish to welcome you if you’re available.
For those who would like more information simply use this link.
Wishing you as always good trading,
Afraid to check a bag? Canada's missing baggage woes explained – CBC News
Deborah Cleary was exasperated.
When she landed in Montreal on Dec. 19, following a trip to Italy, she discovered her suitcase was missing. More than a month later, Air Canada still hadn’t found her bag.
“I’ve spent so much time thinking about it, worrying about it, checking online, calling Air Canada,” said Cleary from her home in Plattsburg, N.Y., on Tuesday. “I’m just sort of desperate to get my bag back.”
The post-pandemic return to travel has been turbulent, plagued by mass flight disruptions and missing baggage piling up at airports. That has led to calls for airlines to improve their baggage delivery systems.
“It’s broken, so I think they need to fix that,” said Cleary, who visited the Montreal airport two weeks ago to search for her bag amidst a sea of unclaimed luggage. She didn’t find it.
However, following a CBC News inquiry to Air Canada, Cleary learned on Friday that her suitcase is being shipped to her home.
“I’m very, very happy,” she said. “I had almost resigned myself, I was never going to see it again.”
Canada’s first round of missing baggage chaos erupted in the summer, largely sparked by staffing shortages as airports and airlines scrambled to ramp up operations.
There were high hopes the holiday travel season would go more smoothly — until severe winter storms hit much of Canada, causing hundreds of delayed and cancelled flights, plus a backlog of lost luggage.
“In the airline industry, a delay of greater than 15 minutes generally results in missed connections,” said former Air Canada executive Duncan Dee. “Delays equal missing bags.”
Dee said airlines need to do a better job keeping track of luggage, and the federal government also needs to invest more in airports.
In late December, cold weather caused a baggage belt to freeze at Toronto’s international airport; a fierce snow storm caused widespread flight delays and cancellations at Vancouver’s international airport.
“There’s obviously a need for better infrastructure, better resources for airports … to make them more resilient to these weather events,” said Dee.
What about the airlines?
When asked this week about recent travel chaos, Transport Minister Omar Alghabra said airports will get the tools they need, but did not elaborate.
On the baggage issue, he pointed the finger at airlines.
“I find it extremely frustrating when I hear stories of people not having their luggage for days on end,” he said during an event in Hamilton. “Airlines should be doing more.”
His comments follow several recent media reports about air passengers’ struggles to find their missing luggage
They include the saga of Nakita Rees and Tom Wilson of Cambridge, Ont., who battled with Air Canada for more than four months to retrieve Wilson’s missing suitcase.
The bag vanished during their flight home from Greece in September. Because the couple had put an air tag tracker inside the suitcase, they were able to track its journey to a storage facility in nearby Etobicoke, Ont.
Even though Rees shared with Air Canada the whereabouts of the bag, the airline deemed it lost.
“The most frustrating thing about it was we had no way of getting it, even though we knew the location and we told the airline so many times,” said Rees. “Because the air tags are newer, I just don’t think airlines know how to even use that information.”
The couple finally got the suitcase back this week — after their story was picked up by the media.
Other passengers have also complained about similar experiences when tracking their lost luggage with air tags.
Former Air Canada executive Dee said airlines typically track luggage by scanning their baggage tags and that their systems currently can’t accommodate air tracking technology.
“That’s something where airline processes have not caught up to the technology that’s available,” he said. “No airline in the world has the ability right now to accept information from travellers.”
Alghabra suggested airlines need to change with the times.
“We hear about how Amazon is able to identify where their items [are at] every moment,” he said. “It’s frustrating that airlines still have not modernized their luggage handling system.”
Air Canada told CBC News it’s constantly exploring new technologies. The airline added that its baggage delivery rate has returned to normal, following the stormy holiday weather.
Air Canada said that in Rees’ case, the baggage tag had fallen off the suitcase. The airline didn’t say how it eventually located the couple’s bag, but did indicate that they get to keep the $2,300 in compensation they received for lost luggage.
WestJet said it has launched a strategic review to fine-tune its baggage systems. “[We] are committed to working together with our third-party service partners … to ensure we improve in this area,” said spokesperson Madison Kruger in an email.
Travellers can claim up to approximately $2,350 for luggage that is lost or delayed on an international flight. For delayed baggage on domestic flights, the airlines design their own rules.
Alghabra’s office told CBC News this week the government is exploring ways to strengthen rights for air passengers, including for delayed and lost baggage.
As for passenger Cleary, she had applied for compensation for a lost bag, but said getting it back is a better outcome.
“I would much prefer to have my bag back than any money from Air Canada.”
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