The prevailing wisdom is that EV prices will come down over time, fueling adoption. But in the short term, automakers are fishing for more dollars at the luxury end of the pond.
The federal government’s proposed zero-emission-vehicle sales mandate aims to increase vehicle availability and help cut costs for battery electrics. But the legislation is likely to raise, not lower, upfront prices for car buyers, at least in the short term, industry experts warn.
The price discrepancy is not entirely the fault of EV technology, Karwel said, but a result of Canadians’ decades-long embrace of larger vehicles. “The impact of that is, frankly, ... going to drive up transaction prices on vehicles,” Beatty said. “It may limit choice in the marketplace as we move forward, at least through to that 2035 period,” the year by which all new passenger vehicles and light trucks sold must be ZEVs.
The higher upfront cost of ZEVs in the early years is expected to have a disproportionate impact on Canadians unable to afford a ZEV, Environment and Climate Change Canada wrote in Canada Gazette, a federal publication.A survey conducted in March by AutoTrader.ca found that 68 per cent of respondents not considering an EV for their next purchase flagged price as a reason.
“Alongside prices, there’s also concerns around range and charging infrastructure gaps,” Akyurek said. The Ford F-150 Lightning pickup was the sole exception to come in more expensive than its gasoline counterpart.While upfront EV costs are trending down, Bibra said, referring to recent price cuts by Tesla and other automakers, more government incentives will be needed to level the playing field with ICE vehicles in the short term. Provincial rebates to stack with the $5,000 federal EV incentive are available in about half of the country currently.
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