Honda deal is good publicity for Liberals, but who will buy all those EVs?

Ashley Nunes is a senior research associate at Harvard Law School and teaches economic policy at Harvard College.

Down the line, when a lack of return forces these automakers to rethink their investments, we may ask ourselves: what were the billions given to these companies actually for? Take 2023, a year when new vehicle sales in Canada topped more than 1.6 million. If you believe consumer surveys, EV sales should have totalled more than 900,000 . The actual number of EVs sold in 2023? Fewer than 186,000. The same goes for 2022, when just EVs accounted for just 8 per cent of sales despite 68 per cent of Canadians reporting interest in bolt-powered autos.

One might argue that there is justification for all these EV plants, given that the Prime Minister has promised that new gas-powered autos will be unavailable for sale by 2035. And by 2026, just two years from now, automakers must commit to ensuring that at least 20 per cent of vehicles sold here are electric. For good measure, Ottawa has promised to fine manufacturers who don’t comply.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GM CFO on electric vehicle demand: It will be choppyGM CFO says the demand for EVs in America will be up and down.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

US auto market possesses 'a dirth' of cheap, affordable EVsThe US electric vehicle market has slowed down for a number of reasons — pricing and affordability concerns, lack of adequate charging infrastructure...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Chinese smartphone maker Xiaomi starts delivering the first of more than 100,000 EVs orderedBeijing (Reuters) -Chinese smartphone maker Xiaomi on Wednesday said it has received more than 100,000 orders for its first car - a sporty electric vehicle...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »