The more Canadians find out about electric vehicles the less likely they are to want to own one.And despite assertions tough new mandates to ensure their supply — and presumably make them cheaper — the reasons for not wanting one are almost all economic. They’re just too expensive to make or even maintain.According to new data from AutoTrader the number of potential buyers interested in purchasing an EV who didn’t already own one fell to about 56% in 2023 from 68% in 2022..A fully-electric Hyundai Kona starts around $44,000 compared to $25,000 for the gasoline powered model. Higher-end pickup trucks such as the Ford Lightning — the F-Series trucks of are the biggest sellers in Canada — can easily come in at $100,000 depending on trim levels..The data was culled from the number of searches on the resale marketplace’s website. And the vast majority of those who do show interest are for trucks or high-end luxury models beyond the reach of most ordinary drivers. Despite a 15% increase in the number of searches for ‘alternative’ fuels, searches for battery-powered electrics comprised just 3% of all searches on the site.Though people are initially attracted to lower fuel prices all the top reasons for not owning one are economic: 40% said they cost too much to buy despite incentives; 24% blamed high interest rates; they cost too much to insure or repair under a broad theme of inflation worries; and the charging infrastructure needed to plug them in is either too expensive or unavailable for people who don’t own their own homes..Pure electrics tend to be much higher in price. A fully-electric Hyundai Kona starts around $44,000 compared to $25,000 for the gasoline powered model. Higher-end pickup trucks like the Ford Lightning — the F-Series trucks are the biggest sellers in Canada — can easily come in at $100,000 depending on trim levels.“That extra cost is not something that a lot of Canadians can stomach right now,” said AutoTrader Editor-in-Chief Jodi Lai.That’s just one reason EVs only make up one in 10 cars on Canadian roads, the vast majority in British Columbia and Quebec — the only two provinces that even have a chance at reaching Environment Minister Steven Guilbeault’s targets..The federal government has doled out more than $36 billion — and climbing — for EV manufacturers.And experts say manufacturers will be hard pressed to double that number under new federal guidelines by 2026 before eliminating ICE powered cars altogether by 2035 or face financial penalties.For instance, automakers will be able to buy credits from other offshore manufacturers from countries such as China and Vietnam at a time when the federal government is giving away billions in subsidies to encourage production at home.Flavio Volpe, president of the Automotive Parts Manufacturers’ Association, said the net effect is the new rules will undercut the domestic industry while it’s struggling to build capacity.“The environment minister is creating an overly aggressive adoption scheme that can only be met by importing vehicles from China and Vietnam at the moment,” he told the National Post.
