Economy News – Update
Toronto’s Mayor, Olivia Zhao, has announced that the city will discontinue financial incentives for the purchase of Tesla vehicles used as taxis or for passenger transportation services. This decision comes amid escalating trade tensions with the United States.
To promote the shift toward electric vehicles in the rental sector, the city will provide drivers and vehicle owners with a reduction in licensing and renewal fees, effective until the end of 2029. This initiative aims to support emission reduction efforts.
Effective March 1, Tesla vehicles will no longer be eligible for these incentives, as stated by Zhao during a recent press conference.
In the context of recent market fluctuations, gold prices have surged, breaking through the $3,000 mark.
During the press conference, Zhao remarked that alternative electric vehicles are available for purchase by drivers of rental services, highlighting the options beyond Tesla. She emphasized that this exclusion will remain in place until trade disputes with the United States are resolved.
Tesla has yet to respond to requests for comments regarding this policy change.
Zhao indicated that the decision serves as a stance against Elon Musk, CEO of Tesla, and a senior adviser to former U.S. President Donald Trump, who had previously suggested imposing tariffs on Canadian goods, drawing criticism from Canadian stakeholders.
“We are making it clear that while consumers may choose to buy a Tesla, taxpayer support for such purchases is not an option,” Zhao stated.
Moreover, Zhao projected that the financial implications of this policy would be minimal, characterizing the decision as “more symbolic than substantial.”
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