Automotive Insights – Canadian EV Information and Analysis Q1 2023
Highlights
- In Canada, total light Industry (GVW =< 8500 lbs) volume
increased 8.5%.
ZEVs account for one out of every 11 new vehicles registered in Canada. - ZEVs market share increased to 9.1% for 2023, up from 8.3%.
- The market share of battery electric vehicles (BEV) increased to 6.9%, with volume increasing by 19.1%. Total ZEV volume increased by 18.2%.
National Enhanced Fuel Type Trend
Overall volume of the ZEV industry in Q1 2023 experienced a
slight contraction when compared to the previous quarter. Overall
ZEV market share in Canada also declined in the first quarter,
mainly due to a decrease in volume in Ontario and Quebec.
There are various factors contributing to the change in ZEV market
share. One of them is Tesla registrations, as historically Tesla
accounted for 40% to 50% of the volume within the ZEV segment.
However, Tesla registrations dropped by 30% in the quarter, and its
market share landed at 30% dropping more that 10 percentage points,
marking its lowest quarterly share since Q3 2021. Additionally,
Ford Canada's market share in the ZEV sector also decreased,
dropping by 4 percentage points.
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This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.