CANADA FACES THE CHALLENGE OF ELECTRIC VEHICLE COSTS
The latest report from the Parliamentary Budget Officer (PBO) points out that EV prices must fall significantly if Canada is to meet its sales targets. At present, their operating and maintenance costs are well below those of internal combustion engine (ICE) vehicles, but this is not enough to convince consumers.
To attain the 2030 objectives (battery-powered passenger vehicles must account for three fifths of all-new vehicle sales), savings must increase by 31 %, according to the report. The cost of an EV must be around 65 % of that of an ICE model. Despite federal incentives, high initial prices remain a major obstacle for many families.
PICTIRE CREDIT: The Car Fashionista