Yes. If you look at my public statements from when the EV mandate was first proposed at the end of 2022 and then when it came in, we will not meet that standard.
One thing we implored the environment minister and the previous environment minister to do is.... This industry works when the EPA and Canada are aligned. California is an important market, but it's a market. States that align with California are important, but they're markets. Car companies that operate on single-digit EBITDA will build to the bigger market.
If you diverge and you cause companies to have to engineer a different configuration, you're going to take cost out of them.
Who wins? It's companies that don't have to profit.
Where do they come from? They come from China.
Why did Western-based players fly into China in the early 2000s when they joined the WTO? First of all, there are no Canadian OEMs, so I'm not maligning any Canadian OEMs. OEMs said that they can make more profit if they take advantage of the manufacturing costs deltas there. Well, the Chinese learned how to make cars at global quality standards and they learned the technology in manufacturing processes as well as anybody else.
What we didn't calculate was they don't care about profit, so now we're in trouble.