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Automotive Insights – Q4 2023 Canadian EV Information and Analysis
HIGHLIGHTS (vs 2022)
- ZEVs account for 1 in 9 new vehicles registered in Canada. ZEVs market share finished at 11.7% for 2023; up from 8.9%.
- ZEVs volumes increased 48.9% while total light duty vehicles (GVW =< 8,500 lbs) volume increased 13.1% .
- The market share of battery electric vehicles (BEV) increased to 8.8%; with volume increasing by 43.5%. Total ZEV volume increased by 48.9%.
BEVs Reach Record Share in Canada - 2023
With the wrap of the fourth quarter of 2023, it's an opportune time to reflect on the state of Zero Emissions Vehicles (ZEVs) in Canada. Despite a slight dip in the final quarter, with ZEV volume declining by 6.8% compared to the overall light-duty vehicle industry volume decrease of 5.3% in Quarter 4, the year has shown promising growth for the sector.
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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.