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Automotive Insights – Q3 2023 Canadian EV Information and Analysis
HIGHLIGHTS (vs Q2 2023)
- ZEVs account for 1 in 8 new vehicles registered in Canada. ZEVs market share sets new high at 13.3% for Q3 2023; up from 10.5%.
- ZEVs volumes increased 19.4% while total light duty vehicles (GVW =< 8,500 lbs) volume decreased.
- The market share of battery electric vehicles (BEV) increased to 7.8%; with volume increasing by 46.3%. Total ZEV volume increased by 53.4%.
BEVs Reach Record Share in Canada - Q3
The third quarter of 2023 marked a significant milestone in the Canadian automotive industry, with Battery Electric Vehicles (BEV) volumes reaching unprecedented levels. According to S&P Global Mobility's analysis, new vehicle registrations surpassed the 42,000 mark, accounting for 10.1% of all new vehicles. This represents the largest quarterly volume ever recorded for BEVs.
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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.