Canada's plan for zero-emission vehicles (ZEVs) to constitute 100% of new car and truck sales by 2035 was detailed by Federal Environment Minister Steven Guilbeault. The "Electric Vehicle Availability Standard" provides incentives for automakers, including targets starting with a 20% ZEV sales target in 2026, escalating to 60% by 2030. Battery electric, plug-in hybrid, and hydrogen models fall under the ZEV category. This initiative aims to address challenges such as limited availability, long wait times, and unequal charger distribution across the country, hindering electric vehicle adoption.
Statistics Canada reported ZEVs accounting for 12.1% of new vehicle registrations in Q3 2023, marking a record market share. To encourage ZEV production and improve availability, automakers will earn credits for ZEVs sold in 2024 and 2025, with surplus credits tradable or bankable for up to five model years. Additionally, companies can earn credits by investing in charging infrastructure, with each $20,000 invested in eligible projects earning one credit, subject to price limits. Guilbeault emphasized that the standard ensures Canadians access their fair share of the global ZEV supply, addressing one of the main barriers to EV adoption.
Read more from the below link:
Comments