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Canada’s EV Mandate Hits Wall

A fresh note from the Parliamentary Budget Officer flatlines Ottawa’s optimism on electric vehicle affordability, warning that battery-electric vehicles still need to be 29%–33% cheaper than today to hit the Liberals’ Electric Vehicle Availability Standard of 60% zero-emission sales by 2030.

“With the removal of fuel charges… the relative ownership cost of BEVs would need to decrease by 33%,” analysts Louis Perrault and Tim Scholz write, surpassing the 31% reduction flagged in the PBO’s August 2024 baseline.

The math shifted when Ottawa scrapped the consumer carbon levy on April 1 and floated a revival of the $5,000 Incentives for Zero-Emission Vehicles rebate. Without that subsidy, BEVs must close the full 33% gap; even a blanket, permanent rebate only trims the target to 29%.

You can read more on the matter here.

What’s going on?

• Data Broker Co-Owned By Major Airlines Sold Passenger Data, Flight Records to DHS (theDeepDive)

• Supply Chains Become New Battleground in the Global Trade War (WSJ)

• US Evacuates, UK Issues Alert: Something Is Brewing In The Middle East As Iran Talks Nuclear (theDeepDive)

• Ottawa to put latest Canada Post offer up to a union vote (Globe)

• Why Precious Metals Crashed on Trump’s Trade Deals? | Jesse Day (theDeepDive)

• More than 240 dead after Air India flight to London crashes (FT)

• Big Gold Miners Don’t Trust $3,300 Gold, Do They See a Crash Ahead? | Rob McEwen (theDeepDive)

• Trump says Israeli strike on Iran could happen but wants to avoid conflict (Reuters)

• Gold Overtakes Euro As Second Largest Global Reserve Asset, Driven by Central Bank Demand (theDeepDive)

• US Treasury’s 30-Year Bond Auction Is Met With Solid Demand (Bloomberg)

What’s the latest?

• Wholesale Prices: U.S. wholesale prices rose 2.6% year-over-year in May, with a modest 0.1% monthly increase, signaling continued mild inflation. Core wholesale inflation (excluding food and energy) also ticked up 0.1% from April, below expectations. Gasoline and egg prices rose, while overall energy prices stayed flat. Though Trump’s global tariffs have yet to significantly impact inflation, economists expect pressure to build later this year, prompting the Fed to maintain current interest rates for now.

• Telus: Telus Corp. has offered to buy back full ownership of Telus International in a deal valuing the company at approximately US$940 million. The offer is $3.40 per share in cash, Telus stock, or a combination, for the shares it doesn’t already own. Telus currently holds 57.4% of the company. Telus International shares surged over 20% on the NYSE and TSX following the news. The company went public at $25 per share in 2021 but has since lost significant value.

• Goldman: Goldman Sachs has lowered its U.S. recession probability for the next 12 months to 30% from 35%, citing reduced uncertainty around Trump’s tariff policies after a trade deal with China. The agreement includes eased Chinese export restrictions and improved access for Chinese students to U.S. universities. Goldman also raised its 2025 U.S. GDP growth forecast to 1.25% from 1.0%. Despite mild inflation readings, consumer prices are expected to rise due to tariffs later this year.

• Canada Post: Jobs and Families Minister Patty Hajdu says she will invoke her authority to force a vote on Canada Post’s final offers to the postal workers' union, calling it “in the public interest” after 18 months of negotiations, over 200 meetings, and previous strikes. Canada Post supports the move, saying it gives employees a chance to vote on a collective agreement. The Canadian Union of Postal Workers criticized the forced vote as an attack on union rights but recently rejoined bargaining with federal mediators involved.

• Boeing: Boeing shares dropped 5% Thursday after an Air India 787-8 Dreamliner crashed shortly after takeoff, killing all 242 people aboard in the deadliest aviation disaster in a decade. The crash marks the first fatal incident involving the 787, raising concerns about safety just as Boeing CEO Kelly Orthberg pushes to rebuild trust and boost production. Shares of key suppliers Spirit AeroSystems and GE Aerospace also fell about 3%. The cause of the crash is still unknown, and investigations are underway.

NuRan Q1 Earnings

The stock market and stuff

• NexGen Energy Receives Approval For Site Expansion At Rook I Project (theDeepDive)

• Dollar sinks to three-year low on Trump tariff threat (FT)

• Trump says U.S. will have ‘golden share’ in U.S. Steel after Nippon deal (CNBC)

• Equinox Gold Reduces Guidance Following Greenstone Underperformance (theDeepDive)

In the juniors

• Yukon Metals Begins Inaugural Drilling Program at High-Grade Copper Zone of AZ Property (JMN)

• Cassiar Gold Reports Gold Resources of 2.34 Million Ounces Under Revised Estimate (theDeepDive)

• Adyton Resources Reports Update on Feni Island Gold-Copper Project Drilling (JMN)

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