Canada's federal incentive program for electric vehicle (EV) purchases has ended abruptly due to funding depletion, prompting concern about achieving national EV sales targets. Automakers like General Motors, Volkswagen, Nissan, and Hyundai have announced temporary $5,000 rebates to mitigate the impact on consumers.
the funding had run out for its rebates of up to $5,000, which were meant to encourage uptake of EVs in Canada , and is not being extended at this time. The program was scheduled to last until March 31 or until available funding ran out.
General Motors Canada and Hyundai Canada also confirmed their own temporary $5,000 rebate programs in statements to Global News. Mazda Canada said CX-70 and CX-90 plug-in hybrid models sold between Jan. 10 and Jan. 31 will both be eligible for $2,500 rebates, the amount paid through the iZEV program.For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
Global News has reached out to other Canadian automakers including Stellantis and Toyota to see if they are planning similar rebate programs.In the first 11 months of 2024, the program paid out $927 million for more than 191,000 new EVs, according to Transport Canada’s program database, which does not yet have data for December.
The federal government offers tax credits of up to US$7,500 for the purchase of new electric vehicles and up to US$4,000 for used EVs.Congress would have to overturn the EV incentive program, which was included in the Inflation Reduction Act.
ELECTRIC VEHICLES CANADA REBATES GOVERNMENT FUNDING AUTO INDUSTRY
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