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Demand for electric vehicles in Canada is higher, and new brands can reduce wait times


Gasoline prices continue to soar across Canada, leading more and more consumers to consider buying an electric vehicle. Currently, roughly two-thirds of Canadians are considering switching to an electric vehicle for their next car. However, most buyers are currently unable to get the electric vehicles they want on time. The entry of new brands, especially Chinese brands, may be an effective way to shorten the current waiting time for electric vehicles in Canada.

 

More than half of Canadian car dealers currently have no EVs in stock, and 31% of those dealers have wait times longer than six months. Manufacturers like Toyota and Nissan have even completely sold out all of their EV inventory for the 2022 model year. The shortage of chips caused by the new crown epidemic and the uneven distribution of electric vehicle resources in Canadian provinces are the main reasons for the above phenomenon.

 

The major automakers don't really have enough incentive to sell electric vehicles in Canada. The way of making money of traditional car companies mainly relies on after-sales service, but electric vehicles do not need maintenance, and this part of the profit is gone. Currently, Canada does not have the same stringent electric vehicle regulations as China and the European Union. Manufacturers do not have electric vehicle related factories in Canada. If the government does not invest anymore and does not have relevant mandatory policies, the brand will definitely not have a strong will to sell electric vehicles.

 

In the latest federal budget, the Government of Canada committed to providing $3.8 billion in funding over the next eight years to ensure sufficient minerals for battery production; the government also plans to require at least 20% of new passenger cars and light-duty vehicles by 2026 to achieve zero emissions, 100% by 2035. Automakers also continue to make efforts in Canada. Stellantis and LG announced in March that they would invest $5 billion in an electric vehicle battery manufacturing plant in Windsor, Ontario; General Motors also announced in April that it would invest in its Ingersoll, Ont. 's assembly plant transformed into Canada's first full-scale electric vehicle factory.

 

However, these long-term plans cannot actually solve the problem that Canadian consumers are currently struggling to buy electric vehicles. LUCID and the VinFast electric car from Vietnam have opened a brand experience store in Toronto. Canadian consumers have a strong and simple willingness to buy a brand new electric car. Embracing new brands from different countries, especially China, can alleviate the problem. The urgent need of the moment. The presence of Chinese brands in Canada can expand their business and help Canadian consumers drive the electric vehicles they need as soon as possible.

 

Previously, China-made electric vehicles such as Weilai, Xiaopeng, Lynk & Co, etc. have implemented some overseas strategies, and the destinations are mainly European countries with more sound policies. However, with BYD's entry into the Australian market and the hot sales of local MG electric vehicles, the willingness of Chinese electric vehicle brands to enter new markets has gradually increased.


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