• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Cleantech Market
    Cleantech News
    Cleantech Stocks
    • Cleantech Market
    • Cleantech News
    • Cleantech Stocks
    cleantech investing

    Electric Vehicle Sales Rise in Canada Following Rebate Program

    Dorothy Neufeld
    Aug. 08, 2019 04:00PM PST
    Cleantech Investing
    KRX:0000270

    As part of the program, the federal government allocated C$300 million to incentivize the purchase of zero emission vehicles.

    Since the Canadian government launched its C$5,000 electric vehicle (EV) rebate in May, EV sales in Canada have jumped dramatically, according to an announcement from Transport Canada on August 1.

    In the release, Transport Canada estimated that 14,000 EVs have been sold since the initiative began. The rebate initiative was introduced by the Canadian federal government because of its commitment to climate change and investing in efforts to improve air conditions.

    As part of the program, the federal government allocated C$300 million in its 2019 budget to incentivize individuals to purchase zero-emission vehicles. The program is designed to take place over three years for vehicles that are priced under C$45,000.

    “Over the past three months, the Incentives for Zero-Emission Vehicles (iZEV) program have made it easier for Canadians to be part of the solution to climate change while reducing their daily driving costs,” said Marc Garneau, minister of transport, in a statement.

    Year-to date, Electric Mobility Canada reports that EV sales in Canada have increased by 30 percent compared to the same time period last year.

    The federal rebate program, iZEV, lists more than 25 EVs that are eligible for the program, a list that includes battery-powered, hydrogen fuel cell and plug-in hybrid electric vehicles. Tesla’s (NASDAQ:TSLA) Model 3, Toyota’s (NYSE:TM) Prius and Kia (KRX:0000270) models were among the eligible vehicles.

    Working in tandem with EV incentive programs are provinces such as British Columbia and Quebec. The joint rebate program can result in as much as C$11,000 in combined deductions in British Columbia and C$13,000 in Quebec at the point of sale purchase.

    According to Electric Mobility Canada, the rebate programs are notably effective. In British Columbia, there was a 100 percent increase in EV sales during the first quarter of 2019. However, the trend in Ontario offers a stark contrast. After the EV incentive in the province was cut last year, sales have dampened, resulting in a 50 percent decline in EV sales in the first quarter of 2019.

    BC’s rebate program spans as far back as 2011, while Ontario and Quebec launched their equivalent programs in 2011 and 2012, respectively.

    The Canadian government is working to cut its greenhouse gas (GHG) emissions to 30 percent below its 2005 levels by 2030 to adhere to the Paris Agreement emissions targets.

    In line with this, since the rebate program began in May, 36,000 tonnes of GHG emissions will be prevented from being released into the air next year as a result of the EV purchases, Transport Canada said.

    Overall, the rebate program is working to create sustainable and cleaner living conditions for Canadians in the long-term. Transport Canada states that traditional vehicle emissions account for 25 percent of total carbon pollution in Canada, while EVs offer a proactive alternative solution. By 2025, Transport Canada aims to have EVs account for 10 percent of total light-duty vehicle sales. The federal government hopes to achieve 100 percent of total sales to come from EVs by 2040.

    As policies come into effect, consumer behavior has shown signs of change. The Bank of Canada published a report on the EV market, stating that, in 2017, EVs accounted for 1 percent of new car sales. Last year, this doubled to 2 percent, according to Navigant Research, while the share of EV sales in both Quebec and British Columbia surpassed 3 percent.

    As momentum continues in the Canadian EV market, Electrical Industry Canada projects that as many as 91,000 plug-in electrical vehicles will be sold by 2024.

    On a global level, the International Energy Agency (IEA) says that policies play a pivotal role for the EV industry through incentivizing EV sales and building charging infrastructure.

    The advanced development of battery technology will, too, help the adoption, it states. These two pillars, in addition to evidence of a positive uptake from the private sector, are driving adoption rates. The IEA projects that 23 million EV sales will take place by 2030.

    Don’t forget to follow us @INN_Technology for real-time news updates.

    Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.

    british columbianasdaq:tslakrx:0000270canadabank of canadacleantech investingnyse:tmkia
    The Conversation (0)

    Go Deeper

    AI Powered
    Electric car and control panel.

    10 Biggest EV Stocks to Watch in 2025

    Electric car charging with cityscape at sunset in the background.

    EV Market Update: H1 2025 in Review

    Latest News

    Appendix 4E - 30 June 2025

    Charbone Hydrogen Announces Q2 2025 Financial Results

    Charbone Hydrogene annonce les resultats financiers T2 2025

    FY25 Results Announcement

    Appendix 4E and Annual Report

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Cleantech Investing Stocks

    Westport

    WPRT

    Innovation Mining

    Homerun Resources

    HMR:CC

    Carbonxt Group

    CG1:AU

    Provaris Energy

    PV1:AU

    Troy Minerals

    TROY:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    Ă—