TORONTO — Canada's electric vehicle market keeps getting bigger, but that's not necessarily good news for consumers — or the environment. Manufacturers are...
TORONTO — Canada's electric vehicle market keeps getting bigger, but that's not necessarily good news for consumers — or the environment.
“We drastically have to figure out how to produce more affordable vehicles,” said Rebekah Young, head of resilience economics at Scotiabank. Automakers argue they’re using higher-priced vehicles as a way to help fund the transition, and could roll out cheaper options in the future.The European market is already under pressure from Chinese manufacturers increasingly looking to expand beyond their home market after years of intensive, state-sponsored growth at home that has led to radically cheaper vehicles.
It won’t be so easy to do the same in North America, however, because the U.S. government has a 27.5 per cent tariff on Chinese EV imports and its buyer incentive programs are linked to vehicles produced regionally. A wave of cheaper Chinese vehicles could help Canada reach its EV targets, but would mean the loss of the benefits of domestic production that the Canadian government is betting so heavily on, said Young.
“What was kind of a theoretical, down-the-road risk, it transpired into something looking pretty real.” He said it’s still crucial for automakers to offer entry-level, smaller EV cars, but there are other barriers to get past too.
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