Canada is planning to end gas-powered vehicle sales in the next 12 years and transition to only selling electric vehicles.
On Tuesday, Environment Minister Steven Guilbeault announced the New Electric Vehicle Availability Standard in an effort to increase the supply of clean, zero-emission vehicles available to Canadians across the country.
Getting to 100% EVs & plug-in Hybrids is a win-win-win for Canadians:
????????Save thousands of $ on fueling & maintenance
⚡️Save the planet & our lungs from harmful emissions
????Support a robust EV supply chain in Canada
The standard aims to achieve a national target of 100 per cent zero-emission vehicle sales by 2035.
“Interim targets of at least 20 percent of all sales by 2026, and at least 60 percent by 2030, will channel supply to Canadian markets instead of going abroad, reducing customer wait times and making sure Canadians have access to the latest affordable and technologically advanced vehicles that are coming to the market in the next few years,” the government said in a news release on Tuesday.
In the last quarter alone, one out of every eight new cars sold across Canada was a zero-emission vehicle, according to the government. British Columbia and Quebec, which have similar standards in place, have an even higher number of electric vehicles at one in five sales.
“Putting in place an Electric Vehicle Availability Standard fulfills a major climate commitment from our climate plan. Getting more electric vehicles on the road is another example of how we are taking climate action while helping make life more affordable,” Guilbeault said in a statement.
The government predicts that switching to electric vehicles will save owners $36.7 billion in energy costs, since electricity costs are much lower than gasoline prices.
Phasing in 100 per cent electric vehicle sales by 2035 is projected to reduce over 360 million tonnes of greenhouse gas emissions by 2050, avoiding almost $100 billion in global damages, the government says.
In addition, electric vehicles also help to reduce harmful air pollution. Health Canada says that emissions from on-road vehicles contribute to an estimated 1,200 premature deaths and millions of cases of non-fatal health outcomes every year, at a total estimated economic cost of $9.5 billion annually.
“The air quality benefits of switching to electric vehicles will be particularly important for the 40 percent of Canadians who live near busy roads and highways and are exposed to high levels of pollution,” the government says.
“As more and more zero-emission vehicles hit Canadian roads, we can expect less pollution from traffic in our communities. This will have immediate health benefits that will keep growing over time. By reducing air pollution from on-road vehicles, we can reduce health risks for Canadians of all ages,” Minister of Health Mark Holland said in a statement.
Not only are electric vehicles better for the environment, they’re a more affordable option over the long run, according to the government.
Recharging costs can be as little as $10 per 400kms, resulting in an average cost of $48,943 for an electric vehicle hatchback over a 10-year span, compared to $82,515 for a gas-powered alternative. The government adds that Canada is investing $1.2 billion to build 84,500 chargers across the country by 2029.
The government says the New Electric Vehicle Availability Standard was informed by extensive engagement over the last two years and implements a phased-in approach to gradually switch to a 100 per cent zero-emission future.
REACTION FROM CANADIANS
Soon after the announcement was made, Canadians were quick to react online with mixed emotions. Some think the move is a step in the right direction towards reducing greenhouse gases.
“Game changer and about time Canada joins other nations in capitalizing on zero emission vehicles and their technology!,” one user on X wrote.
“It’s good environmental policy, but the government must start the process now with Canada’s power companies to install EV home chargers in every household at no cost to the homeowner – it’s the only way this policy will work, otherwise people WILL NOT make the change to electric,” another said.
Great announcement Steven!
In what ways is the government assisting the private sector build EV charging infrastructure? Would be interested to hear more on this.
Also, will be there any exemptions for those that may require an ICE vehicle for some reason?
How about Canadians in Nunavut/Yukon who have to travel long distances just for groceries? What are they supposed to do? No infrastructure, no charging how do they survive? #cdnpoli
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
