Canada's electric vehicle market keeps getting bigger, but that's not necessarily good news for consumers — or the environment.
Manufacturers are leaning heavily on electrified SUVs, trucks and large cars that mean high prices and profits for the automakers.
In a recent report, her team calculated that EV prices will have to come down by about one-third to be affordable for middle-income households and by half for those in lower-income brackets. BYD, backed by billionaire investor Warren Buffett, launched a hatchback called the Seagull at the Shanghai auto show in April. It starts at the equivalent of about $14,600 for a 305-km range version.
Canada doesn’t have the same protectionist measures, but it’s likely not a big enough market for Chinese automakers to launch here alone, said Sam Fiorani, vice-president of global vehicle forecasting at AutoForecast Solutions. Governments and companies have to use the time available now to figure out solutions, rather than just try to keep out the competition, she said.
Tesla has for years promised a substantially cheaper EV is coming, possibly in the US$25,000 range, but it's still not available. General Motors will soon begin sales of an EV version of its Chevy Equinox SUV that should start at around $38,000, but it also announced earlier this year it would discontinue its Bolt EV, one of the cheapest electric cars on the market.
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