Despite the Canadian federal government's target for all new vehicles to be electric by 2035, a new report from AutoTrader, Canada's largest automotive marketplace, reveals a decline in interest in electric vehicles (EVs) in 2023. The data indicates that only 56% of non-EV owners are open to purchasing one for their next vehicle, down from 68% in 2022. While searches for vehicles powered by alternate fuels increased by 15%, searches specifically for electric vehicles accounted for less than 3% of overall searches on AutoTrader in 2023.
One in 10 Canadians currently owns an EV, according to AutoTrader, which sells both new and used vehicles. Economic factors are identified as key barriers to EV adoption, with 40% of Canadians citing high vehicle prices, 24% attributing it to interest rates, and 13% mentioning inflation. Despite federal incentives offering up to $5,000 toward EV purchases, the report suggests that the rebate may not be sufficient for many Canadians, reflecting ongoing challenges in making electric vehicles more financially accessible.
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