Budget 2024: Helping Canada get more EVs on the road 

After much anticipation, Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the federal budget today in Ottawa. Electric Mobility Canada (EMC) notes that the federal government continues to support the transition to electric transportation with some good news for potential EV buyers and for the EV supply chain. 

New iZEV funding (p223): Canada will be investing $608 million over two years starting in 2024-2025, this new funding is welcome news for the anyone who is interested in buying an EV. 

New EV supply chain investment tax credit (p181): A new 10% tax credit will be available to companies who invest in one of the following three EV supply chain segments: 

• EV assembly 
• EV battery production 
• Cathode active material production 

No new funding for the Zero Emission Transit Fund (ZETF): While the above two announcements are good news for the Canadian EV industry and consumers, EMC is concerned by the fact that no new funding has been announced for electric transit buses and electric school buses through the ZETF program, which could have a significant negative impact on jobs and on GHG emissions reduction in Canada.  

No announcement for the Zero Emission Vehicle Infrastructure Program (ZEVIP): EMC members and partners are anxiously waiting for the updated version of the ZEVIP that has been on hold for almost a year. We need to accelerate the deployment of convenient and reliable EV charging infrastructure across Canada as EV adoption ramps in the coming years. 

“We welcome the extended funding of the EV purchase incentives. Yet, we would have hoped to see new funding for electric transit and school buses because EVs go beyond cars; they include trucks, buses, school buses and off-road vehicles. We need to continue investing in the EV industry, as the Canadian government has been doing so well in recent years. Like every other industry, the EV industry needs market certainty. Canada has much to gain from moving forward on zero-emission transportation.” – Daniel Breton, President and CEO. 

EMC members are invited to attend an exclusive budget debrief with EMC’s President & CEO, Daniel Breton, on April 18 at 3:00pm ET.