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As a long-time car guy, I notice what people drive. And what I notice right now is how many people are driving Teslas.
Tesla is a force in the vehicle industry, but what about EVs in general? A new report from Scotiabank Global Economics says EVs must get cheaper to achieve mass adoption by 2035, when the federal government will require all new passenger vehicles to produce zero emissions. The Scotiabank report quotes Canadian Black Book data showing that the average price of all new vehicles in Canada is $66,000, and that a battery-electric vehicle averages close to $73,000. Acquisition costs are especially high when you consider financing costs via vehicle loans. The zero per cent financing days are largely over, with current vehicle loans around 6 to 8 per cent. Tesla’s website shows a financing rate around 7.5 per cent for a model 3.
The Scotiabank study estimates that an affordable EV price for middle-income Canadians in 2035 would be just under two-thirds of today’s price level, or around $47,000 in today’s dollars. There are a few EVs in that price range today, but they tend to be smaller options that a family would find too small.
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