Canada's electric vehicle market is experiencing a surge in sales, mirroring a global trend of EV adoption. Despite challenges from automakers and the end of federal rebates, experts predict continued strong growth in 2025.
EV sales in Canada are surging, with a 39 percent increase for the first nine months of 2024 compared to the same period last year. This upward trend mirrors the global electric vehicle market, which saw record sales in 2023, reaching 17.1 million units, a 25 percent jump from 2023. December 2023 marked the fourth consecutive month of record sales, with 1.9 million EVs sold worldwide.
While Statistics Canada hasn't released full 2024 sales figures yet, experts like Cara Clairman, CEO of Plug'n Drive, anticipate continued strong momentum into 2025. Clairman believes this growth will be driven by consumers who were previously undecided but are now actively seeking out EVs. This surge in EV adoption comes despite challenges from automakers. Some companies, including General Motors, Toyota, Volvo, and Ford, have scaled back production targets and shelved plans for new electric models. Moreover, the end of federal EV rebates in the US has impacted the market. However, automakers have countered these challenges by offering their own incentives to customers purchasing EVs. Despite these headwinds, the future of EVs appears bright. S&P Global Mobility predicts that 2025 will likely set another global sales record, even with a potential slowdown in summer sales. Clairman emphasizes the importance of maintaining momentum and supports the continuation of EV mandates. She argues that reversing course now would be counterproductive and challenging given the significant investments already made in the battery production and EV supply chain. The global shift towards electrification is evident in major investments from American carmakers like Ford, GM, and Stellantis, who have collectively invested $146 billion in EV manufacturing, design, and engineering over the past three years. These companies are urging the new US administration to maintain EV sales requirements for the industry's long-term success and competitiveness. The growing demand for EVs is attracting global attention. China, the world's largest EV market, accounted for 11.1 million sales in 2024. EVs are quickly reaching price parity with gasoline cars in China, with the International Energy Agency (IEA) estimating that 60 percent of EVs sold there are already cheaper than their gasoline counterparts. This rapid development has spurred global automakers to accelerate their EV strategies. The European Union, while experiencing slower EV growth, remains a key player, with the UK showing strong growth of over 20 percent compared to 2023. Goldman Sachs predicts that battery prices, which are already declining, will drop 50 percent by next year from 2023 levels, driven by decreasing costs of cobalt and lithium and innovations in battery technology
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