Only one in 10 Canadians have an EV vehicle. The top reasons Canadians gave for refusing to consider going electric are all economic
The federal government has announced that all new vehicles sold in Canada must be electric by 2035, but new data shows that interest in EVs actually declined in 2023.
AutoTrader, Canada’s largest automotive marketplace, released a search data report that shows only 56 per cent of car shoppers who do not own an EV are open to purchasing one for their next vehicle, down from 68 per cent in 2022.
Currently about one in 10 Canadians owns an EV, according to AutoTrader, which sells both new and used vehicles. In 2023, new vehicles accounted for 41 per cent of inventory, up from 30 per cent in 2022.
The top reasons Canadians gave for refusing to consider going electric are all economic.
“EV prices generally tend to be 15 to 20 per cent higher than a comparable gas-powered vehicle,” said AutoTrader editor-in-chief Jodi Lai.
“That extra cost is not something that a lot of Canadians can stomach right now.”
Forty per cent of Canadians said vehicle prices are the main obstacle to purchasing an EV, 24 per cent blamed interest rates, and 13 per cent said inflation, according to AutoTrader.
Although federal government incentives provide up to $5,000 towards the purchase of battery-electric, hydrogen fuel cell and longer-range plug-in hybrid vehicles, the rebate does not cover enough for many Canadians.
The Chevrolet gasoline 2023 Blazer price begins at about $44,000, compared to over $63,000 for the electric one.
According to AutoTrader, nine of the top 10 vehicles sold in Canada this year were utility vehicles, such as trucks and SUVs. The Ford F-150 was the most searched and top selling vehicle.
In 2026, one in five vehicles sold in Canada will have to be electric or a longer-range plug-in hybrid. That increases to three in five vehicles in 2030 and that number keeps rising to eventually reach 100 per cent in 2035.
Guilbeault said in a press conference that the new standard will encourage automakers to make more battery-powered cars and trucks available in Canada.
This comes as a part of Canada’s strategic mission to achieve net-zero emissions by 2050.
Lai said despite some technical issues some Canadian EV users have experienced due to the harsh weather, EV technology is going to potentially improve, and the batteries will have less volatility in colder weather.
EV inventory on AutoTrader is up by 850 per cent year-over-year, and the marketplace is aiming to pass the government targets.
In November, AutoTrader data shows the average price of a used vehicle was $37,762 in Canada, an increase of about three per cent year-over-year. The average price of a new vehicle was $67,491, which is up about 15.4 per cent year-over-year.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:GOOS)
The Canadian Press. All rights reserved.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
The Canadian Press. All rights reserved.
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:TD)
The Canadian Press. All rights reserved.
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