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Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 13,750,000
Close 2023-10-20 C$ 19.73
Market Cap C$ 271,287,500
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Globe/CP say Tesla hears call for cheaper EVs

2023-10-23 09:30 ET - In the News

The Globe and Mail reports in its Monday edition that Canada's electric-vehicle market keeps getting bigger, but that is not necessarily good news for consumers. A Canadian Press dispatch to The Globe says that carmakers are leaning heavily on electrified SUVs, trucks and large cars that mean high prices and increased profits. The trend has helped push the average price for an EV to almost $73,000, making it well out of reach for most households. That is true even with signs of downward pressure from Tesla price drops. Experts say cheaper options will be crucial if Canada is to transition away from the combustion engine. They say Chinese automakers could fill the gap. "We drastically have to figure out how to produce more affordable vehicles," said Rebekah Young, head of resilience economics at Bank of Nova Scotia. Ms. Young calculates that EV prices will have to come down by a third to be affordable for middle-income households and by half for those in lower-income brackets. The need for cheaper vehicles comes as Canadians are being squeezed elsewhere on costs such as housing. Tesla has for years promised a substantially cheaper EV is coming, possibly in the $25,000 (U.S.) range, but it is still not available.

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