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Strike called at Canada’s Montreal Port: Unionized workers launched a strike on Thursday at two Termont-run terminals at Montreal Port, which are responsible for handling 40% of the port’s container traffic, Reuters reported on Friday. The unlimited strike was called after talks for a new labor contract failed. The Maritime Employers Association is calling on federal Labour Minister Steven MacKinnon to intervene and bring back workers and employers to get back to the negotiating table.
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Canada braces for strikes to spread west: Some 700 foreman at Vancouver port will be locked out today if they go through with plans for a proposed strike, employers at the port said on Friday, Reuters reported. The lockout notice comes in response to a 72-hour strike notice issued to employers, the British Columbia Maritime Employers Association (BCMEA) said. The potential strike would also impact operations at Prince Rupert port. Last year, an almost two-week strike disrupted some CAD 6 bn in trade at the two ports.
China’s BYD overtakes Tesla for the first time: Chinese electric vehicle manufacturer BYD announced 3Q revenues that exceeded that of its major competitor Tesla for the first time, CNBC reports. Despite falling EV demand, BYD reported a 24% increase y-o-y in revenues to USD 28.2 bn, which exceeded Tesla’s USD 25.2 bn.
But Tesla’s net profit is still ahead: The US carmaker reported a net profit increase of 16.2% y-o-y to USD 2.18, compared to BYD’s 11.5% y-o-y increase to USD 1.63. The same goes for Tesla’s year-to date sales at USD 71.98 bn, compared to BYD’s slightly lower sales of USD 70.5 bn.
REMEMBER- The EU increased its tariffs on Chinese-built EVs by up to 45.3% on Wednesday. On top of the EU’s standard 10% car import duty, the bloc will impose extra tariffs ranging from 7.8% for Tesla to 35.3% for China’s SAIC.
