ELECTRIC VEHICLE PRICES COULD DROP BY 20 PERCENT

According to the latest report from Équiterre and Environmental Defense, requiring automakers to sell 100% zero-emission vehicles (ZEVs) by 2035 would have a direct impact on the selling price of electric vehicles (EVs).

If this legal framework were put in place, it would force manufacturers to produce a large number of more affordable EVs, which would lower their median price by 20% or $7,200.

But manufacturers are pushing back, demanding instead that the government triple the subsidies for EV purchases. The report says the auto industry is clawing back up to 18% of consumer subsidies by raising the price of EVs, and uses it to fund the sale of gasoline-powered vehicles.

“The federal government must not let the greed of the auto industry stand between us and a sustainable future. A ZEV standard is a win for both the planet and our wallets,” indicates Nate Wallace, director of the sustainable transportation program at Environmental Defence.