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Target defense spending reaches 5% of GDP
Carney's stated goal for Canada's defense expenditure relative to the size of its economy.
First four submarines delivered
With Germany and Norway freeing production slots, Canada expects to receive the first four of up to 12 new TKMS submarines, two years earlier than originally projected.
Hanwha Ocean Shares Crash 23%
Hanwha Ocean's stock price plunged about 23% in Seoul trading following the news, marking its largest single-day drop in years. South Korean President Lee Jae Myung posted a message encouraging continued efforts in defense exports.
TKMS named preferred supplier
Prime Minister Mark Carney announces that ThyssenKrupp Marine Systems will build up to 12 new submarines, the country's largest procurement, beating Hanwha Ocean.
Carney pledges 5% GDP defense spending by 2035
Carney reaffirms that Canada's budget already provides for 4% of GDP by 2030 and he intends to push defense spending to 5% by 2035.
Canada Selects TKMS as Preferred Submarine Supplier
Canadian Prime Minister Mark Carney announced ThyssenKrupp Marine Systems would build Canada's next fleet of submarines, choosing the German bid over South Korea's Hanwha Ocean.
Canada reaches NATO's 2% GDP spending target
After years of lagging, Canada meets the alliance's benchmark of spending 2% of gross domestic product on defense.
Canada acquires Victoria-class submarines
Canada purchases four secondhand diesel-electric submarines from the United Kingdom, entering service the following years.
Canada has named Germany's ThyssenKrupp as preferred supplier for up to 12 diesel-electric submarines, the largest defense procurement in its history, as it ramps NATO spending to 5% of GDP by 2035. The deal accelerates delivery to 2034 and reinforces Arctic undersea dominance.
The loss highlights the growing influence of NATO interoperability and Arctic strategy in major defense contracts, delivering a sharp blow to South Korea's naval export ambitions and triggering a 23% stock crash.
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