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 – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:QSR)
The Canadian Press. All rights reserved.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:FTS)
The Canadian Press. All rights reserved.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:TRI)
The Canadian Press. All rights reserved.
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