Electric vehicles were considered the way of the future just five short years ago. Today, the demand for electric vehicles (EVs) and EV battery plants is waning both in Canada and globally due to a wide range of factors.
Some of the issues cited in consumer surveys on purchasing EVs include the substantial cost disparity between EVs and gas-powered vehicles, worries about their driving range, reliability in cold weather, and the availability of charging facilities. Along with the repercussions of increased interest rates and inflation, all factors have played a role in shaping consumer behaviour since 2020.
A consumer data report released in May 2024 by J.D. Power indicated that a notably smaller number of Canadians expressed interest in purchasing an electric vehicle compared to the year prior. Only 11 percent of new-vehicle shoppers in Canada say they are “very likely” to consider an EV for their next purchase, according to the report….