Canada is making significant strides in sustainable transportation, with Zero Emission Vehicles (ZEVs) accounting for 10.5% of all new light vehicle registrations in the second quarter of 2023, according to a recent report by S&P Global Mobility, reports Tesla North. This marks an uptick from 9.2% in the previous quarter and sets a new record for ZEV market share in the nation.
The overall light vehicle industry in Canada has seen robust growth, with a quarter-over-quarter increase of 34.3%. Within this growing market, Battery Electric Vehicles (BEVs) have experienced a big volume increase of 46.3%, and Plug-In Electric Vehicles (PHEVs) have seen even more significant growth at 77.8%.
Provincial trends reveal that British Columbia is at the forefront of ZEV adoption, boasting a 16.9% market share. Quebec follows closely, accounting for 40.5% of the total ZEV volume in Canada. Although Ontario lags behind with a 7.2% market share (its provincial EV rebate was axed), it has witnessed a significant increase in ZEV volume, contributing to 28% of all ZEV registrations across the country.
Quebec is making significant strides in the Zero Emission Vehicle (ZEV) market, despite lagging behind British Columbia. The province is responsible for a notable 40.5% of all ZEV registrations in Canada and saw an impressive 64.8% surge in volume in the second quarter of 2023 compared to the first quarter. With a current market share of 18.4%, Quebec is on track to outpace British Columbia’s market share by the end of next year, given its current rate of growth.
Tesla’s Model Y has emerged as the top-selling BEV in Canada for Q2 2023, particularly in British Columbia, where it made up 41.7% of ZEV registrations. However, Tesla’s market share is beginning to wane as new ZEV models enter the market, signalling a shift in consumer preferences.
Looking ahead, S&P Global Mobility forecasts that ZEVs will occupy 13% of the market share by the end of 2023, rising to 17% in 2024, and reaching a substantial 23% by 2025. These projections underscore the growing momentum toward eco-friendly transportation, influenced by a variety of factors including model availability, provincial and federal incentives, and changing consumer preferences.
In related news, Tesla’s existing Model 3 inventory is experiencing big price drops, possibly in anticipation of a rumoured ‘Highland’ refresh possibly coming in September or October.
A new 2023 Model 3 RWD is currently listed at $50,040 CAD, showing a discount of $4,950 off the starting price. With federal, and provincial rebates applied and ordering through a referral code (an extra $650 off), the price could drop to as low as $37,390 in Quebec and $41,390 in B.C., making the entry Model 3 RWD more affordable than a 2024 Toyota Corolla Hybrid, which starts at $37,525 CAD.
