Canada fell five spots in an index that rates how prepared nations are to bring electric vehicles into their economies, despite a notable increase in government efforts to develop the sector in the past year
The country ranked 13 out of 14 countries, compared to eighth last year, in the latest EV Readiness Index, an annual analysis conducted by global accounting firm EY that assesses nations based on their supply, demand and policies for EVs. China, which operates more than half of the world’s large-scale EV battery factories, ranked No. 1.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.
The demand for EVs, which require batteries sourced from critical minerals such as lithium, has increased in recent years as the world tries to decarbonize. Canada, which is rich in battery metals and allocated a record $3.8 billion in its 2022 federal budget to create a steady flow of them, is looking to build an industry to take advantage.in the United States, which provides tax credits for EVs that either source their critical minerals from North America or are assembled in the region.
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