With electric vehicles (EVs) at the top of mind for almost all North American manufacturers, Canadian consumers’ interest in EVs dropped for the first time in years.
The latest study by EY’s Mobility Consumer Index shows some concerning trends if you are in the automotive business.
According to the results, Canadians’ intention to buy a new car has dropped by six percent compared to last year. Of those intending to buy a new car, 50% intend to buy an EV, plug-in hybrid, or hybrid. This is a drop of 2 percent, and it is one of the first times that intentions to purchase a zero-emission vehicle have dropped year over year.
The drop was even greater for EVs, with only 15% of those intending to buy a new car using a battery-electric option, a drop of 3% from last year.
It seems like the usual concerns we have heard for years are keeping consumers from considering EVs for their next car. These include the limited driving range, expensive battery replacements, lack of EV charging infrastructure, and the overall price of EVs compared to other options.
EY Canada’s automotive and transportation leader, Jennifer Rogers, had this to say about EVs specifically:
The lack of charging infrastructure and the range anxiety is sort of working hand-in-hand. It’s going to be very challenging to sort of convince consumers to take that next step without there being some sort of comfort around the ability to charge outside their home.
At least to say, the future of EV sales in Canada may be something to track and could be a little up and down as we move into 2025.
