Opinion: Canada must now build on EV investments. We need to define what success looks like for the future Canadian EV sector.
The past two years will be remembered as the moment when the global electric vehicle market achieved hockey-stick growth, with year-over-year sales tripling from 2020 to 2022. Capital investment in the global EV supply chain has similarly surged as governments around the world offer a range of incentives in the scramble to secure vehicle production mandates, new battery plants and critical minerals.
Yet, Canada can’t just now sit back and assume its place in the global EV industry is secure. Just the opposite. In order to justify a public outlay on subsidies to offset IRA incentives, Canada now must strategically build value chains from mining to cathode active battery materials and transition parts manufacturers to ensure they are making the equipment needed for next generation vehicles.
Perhaps most importantly, we need to pay close attention to international best practices for developing cohesive and effective industrial strategies. Transparent communications — between governments, stakeholders and industry — is paramount.
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