EVfriendly News Roundup – March 2024

Electric tops 10 per cent of vehicle sales in Canada for first time

In 2023, electric vehicle registrations in Canada exceeded 10% of total new vehicle registrations for the first time, according to Statistics Canada. This milestone reflects a growing trend in EV adoption, with plug-in hybrids and hybrids leading the growth. Despite challenges in convincing mainstream buyers, the EV market is expected to steadily grow over the next decade. This growth may lead to lower prices for consumers due to increased competition among automakers.

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The eruption of EV disruption

The auto industry is currently undergoing significant disruption fueled by the emergence of Zero Emission Vehicles (ZEVs), urging retailers to proactively gear up for heightened consumer interest in electric vehicles (EVs). This shift is propelled by Canada’s Electric Vehicle Availability Standard and escalating ZEV sales targets, emphasising the need for retailers to adjust their strategies to accommodate the evolving market dynamics.

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B.C. to add 500 public electric vehicle charging stations to fill gaps in network

British Columbia plans to add 500 new public electric vehicle charging stations, supported by $30 million from the Energy Ministry. The initiative aims to expand the province’s “electric highway” to accommodate the increasing number of electric vehicle drivers. Priorities include filling geographic gaps in the charging network and ensuring accessibility to fast-charging stations in all communities.

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EV owners have to drive farther to break even, study suggests

A study from the University of British Columbia suggests that EV owners in British Columbia would need to drive almost twice as far as the average motorist each day to offset the higher upfront costs of buying an EV. The study found that EV drivers would need to cover 64 kilometres daily over seven years to recoup their costs, compared to the average of 34 kilometres driven by motorists in the province. Some experts question the study’s conclusions, noting discrepancies with other research indicating quicker payback periods for EV buyers.

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Gartner Outlines a New Phase for Electric Vehicles

Gartner predicts major changes in the electric vehicle (EV) industry by 2027. Next-generation EVs are expected to be cheaper to produce than internal combustion engine (ICE) vehicles, but repairs could cost 30% more. Additionally, 15% of EV startups founded since the last decade may face acquisition or bankruptcy. Despite growth, the EV sector is entering a competitive phase.

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