Canadian interest in EVs down 10% from 2023

Consumer interest in electric vehicles has hit a roadblock in Canada, according to a recent survey from AutoTrader. The company said interest has declined for the second consecutive year, while Québec’s decision to end EV rebates for consumers could greatly impact consumer interest in the province — and sales.

However, concerns among Canadians who are not open to buying an EV hover around limited range (considered a drawback for 79%), lack of charging station availability (an issue for 72%), and a higher purchase cost (problematic for 68%). That concern ties in with Québec’s EV rebate decision. These are the main barriers impacting their desire to buy an EV.

“Additionally, 59% believe they aren’t suitable for cold weather and 55% are concerned with prolonged charge times,” said AutoTrader in a news release. “As the market recovers and an influx of inventory drives prices down, the average price of a new EV has declined 17.9% year-over-year. On the used vehicle side, prices have declined 11.4% (YOY). This is a positive development on the pricing front, as EVs cost 20% more than the ICE counterparts.”

Also of note to dealers are some of the top reasons consumers have chosen to buy an EV, which include fuel cost efficiency/saving (90%), environmentally friendly factor (62%), low maintenance (48%), and advanced technology (38%).

Still, although the survey reveals that 46% of Canadians are interested in buying an EV as their next vehicle, that figure is still less than 2023’s 56% and 2022’s 68%. The interest seems to be around middle-ground options instead, with 62% of prospective EV buyers eyeing hybrids (HEV) compared to 52% in 2023. And 60% are considering plug-in hybrids (PHEV) compared to 54% in 2023.

“Canadians are less interested in going green this year amid the federal government’s influence and an influx of inventory across new and used EVs, with three-quarters of respondents (75%) skeptical that Canada will meet its target,” said AutoTrader. “That being said, EV ownership has increased to 12% (+2% since 2023),” they added.

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