Canada’s EV market is showing solid growth. The Canadian Environment Minister wants to make it mandatory that EVs be sold by 2022. The Canadian EV market shows significant growth prospects, bolstered by the country’s net zero-emission targets and supportive government policies. Wall Street analysts expect a 95% increase in Canadian EV stock Electrameccanica, GreenPower (GP), Vicinity Motor and VEV. Global concerns over climate change and the environment drive people to seek out cleaner options and move away from burning fossil fuels. Over the three quarters to 2021, Canada’s EV market share was steady. In fact, one out 20 cars registered in Canada is now an EV. According to the IHS Markit Automotive Insights report, Canada’s battery electric vehicles registration increased 67% year-over-year in the third quarter of 2021.

Steven Guilbeault, Canadian Environment Minister has stated that he would like a mandate from the national government that automakers sell a specified number of EVs before 2022. This mandate is also consistent with Canada’s goal of zero emissions in 2050. Canada suggested that its EV taxation policy be aligned with its neighbour to help settle a tax credit dispute between the United States and Canada. Justin Trudeau, the Prime Minister, suggested that Canada and other countries consider joint EV discounts to avoid unfair trade advantages.

Wall Street analysts anticipate Canadian EV stocks given this background Electrameccanica Vehicles Corp. (NASDAQ) and GreenPower Motor Company Inc. GP (Vicinity Motor Corp. VEV to rise more than 95% over the next few months.

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