Canada’s federal EV rebate program offers a $5,000 rebate for battery-electric vehicles and plug-in hybrids with an electric range over 49 kilometres. Canada’s federal electric vehicle incentive program has surged in popularity since 2023 as buyers seek discounts on a segment of eligible vehicles dominated by Tesla with an electric range over 49 kilometres. PHEVs with less range qualify for a $2,500 rebate.
According to Statistics Canada, zero-emission vehicles accounted for 11.3 per cent of overall light vehicle registrations in the first quarter of 2024, down from a peak share of 12.3 per cent in the third quarter of 2023. Last week, BloombergNEF cut its battery-electric sales projections by 6.7 million vehicles through 2026.
Tesla vehicles have dominated submissions this year, accounting for 25.7 per cent of the total through the end of April. Hyundai, Ford continues to get bullish calls, with Citi joining Goldman Sachs and Evercore ISI as the latest bank to raise its year-end target for the index. Citi and Goldman Sachs have raised their targets to 5,600 while Evercore ISI has raised it to 6,000.