18 June 2024
Automotive Insights – Q1 2024 Canadian EV Information and Analysis
Article Summary
Canadian ZEV sales show slight decline in Q1 2024, yet maintain significant market presence.
Canada Electric Vehicle Industry Highlights (vs. Q4 2023)
- Zero-emissions vehicles (ZEVs) account for 1 in 8 new vehicles registered in Canada. ZEVs market share was 12.5% for Q1 2024; down from 13.2%.
- ZEVs volume decreased 9.3% while total light duty vehicles (GVW =< 8,500 lbs) volume decreased by 4.0% .
- The market share of battery electric vehicles (BEVs) decreased to 9.2%; with volume decreasing by 11.7%.
ZEVS Registrations Pull back
Quarter-over-Quarter Volume and Share Changes: From the fourth quarter of 2023 to the first quarter of 2024, the volume of ZEV registrations decreased 9.3%. Correspondingly, the market adoption rate of ZEVs also saw a slight decrease from 13.2% in Q4 2023 to 12.5% in Q1 2024.
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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.