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Soaring gas prices convince many Canadians it’s time to get an EV

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According to KPMG poll, 61 per cent say it’s time to buy an EV and over half “will never buy a gas-powered” car again

TORONTO, March 18, 2022 /CNW/ – Soaring gasoline prices and vulnerability in oil supply have convinced three in five Canadians that it’s time to buy an electric vehicle and more than half say they “will never buy a gas-powered vehicle again,” finds a new poll by KPMG in Canada. Almost a third (30 per cent) regret not having bought an EV already.

“The poll results show that rising fuel prices are a big catalyst in changing Canadian attitudes towards EVs,” says Peter Hatges, National Automotive Sector Leader, KPMG in Canada. “Canadians were already on edge about the spike in inflation and are now afraid soaring gas prices will make it impossible to balance their budgets. Buying an EV will allow them to take some control by reducing their fuel and maintenance costs.”

EV charging station. Photo by John Cameron on Unsplash

Six per cent of 1,005 Canadians surveyed had ordered an EV in the past month – representing a 50 per cent increase in the share of EVs sold in 2022.

Key Poll Findings:

  • 61 per cent of Canadians say soaring gas prices and vulnerability in oil supply have convinced them it’s time to buy an EV
    • 18 per cent say it “solidified” their decision
    • 24 per cent say it “greatly influenced” their decision
    • 19 per cent say gas prices changed their mind; they weren’t considering an EV before and now they are
  • 47 per cent say they “are buying an EV or a plug-in hybrid EV (PHEV) right away” even though it might take a year before they receive it due to supply chain snarls
  • 6 per cent of Canadians say they “just ordered an EV in the past month”
  • 51 per cent say they will “never buy a gas-powered vehicle again”
    • This jumps to 63 per cent in British Columbia and 60 per cent among 25-to-34-year olds and 68 per cent among 18-to-24-year-olds
  •  Almost a third (30 per cent) regret they didn’t already buy an EV
    • 36 per cent in British Columbia and 32 per cent in Ontario
    • 43 per cent of those aged between 35-to-44 years old
    • 39 per cent of those likely to buy an EV the next time they’re in the market for a vehicle regret not having already bought one
    • Over half (52 per cent) of those buying an EV right away regret not having bought one sooner
  • Nearly half (48 per cent) say they are “definitely buying an EV” because they “don’t think gas prices will ever normalize again, especially as economies transition off oil and gas”
  • Only two thirds (66 per cent) say they are looking at all of their driving habits to conserve gas, such as driving 90 kilometres per hour
  • 72 per cent agree that current gas prices are “an impetus” for automakers “to hurry up and start making more EVs”
    • 74 per cent agreed in Ontario, B.C., and Quebec
    • 81 per cent of those planning to buy an EV the next time they buy a vehicle agreed

This new poll supports the findings from KPMG’s earlier EV survey this year that explored EV adoption and consumer concerns, with 72 per cent of Canadians saying they will consider buying an EV the next time they’re in the market for a new vehicle.

More Canadians turning to Electric Vehicles due to soaring fuel prices. Photo by Kenny Leys on Unsplash

KPMG in Canada surveyed 1,005 Canadian adults on Schlesinger Group’s Asking Canadians panel between March 11-14, 2022.

About KPMG in Canada

KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada’s top employers and one of the best places to work in the country.

The firm is established under the laws of Ontario and is a member of KPMG’s global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, see home.kpmg/ca

SOURCE KPMG LLP

Lead photo by Jenny Ueberberg on Unsplash

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