Toronto, Ontario — Warnings that one in five cars sold this year will be electric, StatsCan data that the ZEV market share has clocked in a record 9.6 percent for Q4 2022 and two major agencies announce a plan to install 2,000 DC fast EV charging ports over the next four years in Canada. This is the latest in electric and autonomous vehicles.
Feel the burn
A new report by the International Energy Agency (IEA) indicates that electric cars will account for 18 percent of car sales globally in 2023, a growing from 4 percent of sales in 2020.
According to an article first published by the Financial Times, sales have already passed the ten million mark this year, and are expected to hit 14 million vehicles when including battery-only and hybrids.
If these predictions are correct, the IEA believes this will reduce global demand for oil by five million barrels of oil a day, or more.
Peak Registration
New data from Statistics Canada indicates that fewer zero-emission vehicles (ZEVs) were registered in the final quarter of 2022, but have gained nearly one percent of market share.
There were 27,754 new battery EVs registered in Q4 2022, making up eight percent of market share in Q4 2022. While Q3 2022 saw 29,376 registration, this represented 7.4 percent market share due to higher registration numbers in Q3.
For plug-in hybrid EVs, there were 5,645 new registrations in Q4, representing 1.6 percent market share. In Q3, there were 4,937 registrations, or 1.2 percent market share.
Charging Challenge
Flo, a Quebec-based charging network operator, and the Canada Infrastructure Bank (CIB) have announced a plan to install more than 2,000 public fast chargers across Canada by 2027, effectively doubling the number of chargers available today.
This follows a loan of $220 million by the CIB, marking the first investment under the CIB’s Charging and Hydrogen Refuelling Infrastructure initiative.
This partnership is designed to mitigate risks such as unstable EV adoption and charger utilization which a CIB press release says is a historic barrier to private investment in charging infrastructure.
