The Canadian federal government is set to introduce regulations requiring automakers to progressively increase electric vehicle (EV) sales, reaching 20% by 2026 and 100% by 2035. Despite industry skepticism, past experiences in Quebec, British Columbia, and California show that automakers have exceeded EV sales targets once implemented. Both Quebec and B.C. met or exceeded their targets years ahead of schedule, with B.C. reaching its 2025 target of 10% EVs in 2021. Similarly, California's EV sales surpassed its targets in all but pandemic-affected years. The Canadian government's original 10% EV sales target for 2025 is likely to be surpassed this year, reflecting the global trend of rapidly growing EV sales. In the third quarter of 2023, nationwide EV sales in Canada accounted for 12% of all new car sales. S&P Global Mobility projects that zero-emission vehicles (ZEVs) will represent 13.5%, 18.4%, and 25.3% of new car sales in Canada by the end of 2023, 2024, and 2025, respectively. Climate activists view the increasing adoption of EVs as a significant consumer-led solution to reduce carbon emissions, potentially avoiding the need for 5 million barrels of oil per day by 2030.
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