Despite industry headwinds, 64% of Canadians looking to purchase a
new vehicle say they would consider a hybrid, plug-in hybrid, or
fully electric as their next vehicle in the next five years,
according to new research released today.
This insight appears in the 2024 Mobility Trend Report, an
exploratory study by Volvo Car Canada. The study comes as the
country is experiencing mixed sentiment in the electric vehicles
(EVs) category due to Canadians' automotive preferences and
evolving economic conditions.
The 2024 Mobility Trend Report highlights that amidst economic
headwinds, three quarters of Canadians who wouldn’t consider an EV,
say it’s because they’re too expensive. While other barriers center
on infrastructure and charging aspects of the vehicle: 65% are
worried they will get stranded if they run out of charge, and 59%
say there are not enough places to charge one respectively.
New data points to help to illustrate the barriers that are top
of mind and the current sentiment towards fully electric vehicles
include:
- Three-quarters (76%) of those not open to purchasing an EV say
it's too expensive.
- Nearly four in five (78%) agree there currently isn't enough
publicly available charging infrastructure to make electric
vehicles a good option and 72% say they aren't worth the cost.
- Only 15% of Canadians feel EVs are generally better than gas
vehicles in terms of overall costs, including purchase price,
gas/charging costs, maintenance, insurance, etc.
- Two-thirds (64%) feel the environmental benefits of EVs are
over-hyped.
Addressing these concerns is critical to making a difference in
consumer willingness to purchase an EV, as 46% of respondents say
vehicles with a longer maximum range would make a difference, 42%
say easier to find charging stations, and 38% say better government
rebates or incentives.
In 2023, Volvo Car Canada unlocked additional charging access
with NACS that will come into effect this year as an effort to
address consumers concerns around charging infrastructure. The
agreement will enable access to Tesla’s Supercharger network
providing access to an additional 12,000 fast-charge points.
Recently, Volvo Car Canada launched the EX30, its smallest and
most affordable SUV yet, demonstrating its efforts to effectively
meet consumers' needs. The EX30 is designed to have the smallest
CO2 footprint of any Volvo car to date, and to make people’s lives
safer, more convenient, and more enjoyable through cutting-edge
technology and Scandinavian design.
“Understanding that early adopters have already transitioned to
electric vehicles, we’re focusing on the broader base of potential
EV owners who are deterred by cost and infrastructure concerns,”
said Matt Girgis, Managing Director at Volvo Car Canada. “With the
EX30, we offer a gateway to electrified mobility, combined with the
advanced safety technology that Volvo is known for.”
According to the 2024 Mobility Report, those most likely to
consider a hybrid, plug-in hybrid, or fully electric vehicle are
from BC (74%) and between the ages of 18 and 34 (76%).
“The introduction of the EX30 marks a pivotal moment for Volvo
Car Canada. As we navigate through the evolving consumer market,
our record-high sales in EVs demonstrate a successful alignment
with consumer demand and environmental responsibilities,” added
Girgis. “And for those customers not quite ready to make the jump
into a fully electric vehicle, we offer a broad range of plug-in
hybrid vehicles, to ensure we’re meeting Canadians where they’re
at.”
March sales underscore Volvo Car Canada's leadership in
electrification and understanding consumer demands with electrified
models — including both plug-in hybrids and fully electric vehicles
— making up 50% of all sales.
Volvo Car Canada remains committed to its sustainability goals,
continuously adapting to meet the needs of Canadians and paving the
way for a greener future. The company plans to expand its
discussions on consumer education about EVs and collaborate closely
with stakeholders to enhance the EV ecosystem across Canada.
To learn more about Volvo's full range of products, services and
electric ambitions, visit www.volvocars.com/en-ca.
For the infographic and assets, please click here.
About This StudyThese are the findings of a
survey conducted by Volvo Car Canada from March 26th to
28th, 2024 among a representative sample of 1,000 online Canadians
who are members of the Angus Reid Forum. The survey was conducted
in English and French. For comparison purposes only, a probability
sample of this size would carry a margin of error of +/- 3
percentage points, 19 times out of 20.
About Volvo Car Canada Ltd. Volvo Car Canada
Ltd. is a subsidiary of Volvo Car Group of Gothenburg, Sweden. VCCL
provides marketing, sales, parts, service, technology, and training
support to the 38 Volvo automobile retailers across Canada. For
more information, please refer to the Volvo Cars Canada media
website at www.media.volvocars.com/ca/en-ca.
Volvo Cars in 2023For the full year 2023, Volvo
Car Group recorded a record-breaking core operating profit of SEK
25.6 billion. Revenue in 2023 amounted to an all-time high of SEK
399.3 billion, while global sales reached a record 708,716
cars.
About Volvo Car GroupVolvo Cars was founded in
1927. Today, it is one of the most well-known and respected car
brands in the world with sales to customers in more than 100
countries. Volvo Cars is listed on the Nasdaq Stockholm exchange,
where it is traded under the ticker “VOLCAR B”.
“For life. To give people the freedom to move in a personal,
sustainable and safe way.” This purpose is reflected in Volvo Cars'
ambition to become a fully electric car maker by 2030 and in its
commitment to an ongoing reduction of its carbon footprint, with
the ambition to achieve net-zero greenhouse gas emissions by
2040.
As of December 2023, Volvo Cars employed approximately 43,400
full-time employees. Volvo Cars' head office, product development,
marketing and administration functions are mainly located in
Gothenburg, Sweden. Volvo Cars' production plants are located in
Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing
and Taizhou (China). The company also has R&D and design
centres in Gothenburg and Shanghai (China).
A PDF accompanying this announcement is available at:
http://ml.globenewswire.com/Resource/Download/1191c8b4-2b46-4c19-bae0-f5388e64c875