The Government of Canada has announced that the iZEV rebate will be paused before the scheduled March 31, 2025, end date. The funds allocated to the EV rebate are expected to run out earlier due to high demand.
The program has been a significant success, with the rebate being applied to 546,000 EV sales. Canada achieved a 14.2% market share for new ZEV sales in the first three quarters of 2024, a substantial increase from 3.1% in 2019.
With the Canadian Parliament currently prorogued, it is unlikely that the iZEV fund will receive additional funding before it is depleted. The future of this program remains uncertain, and this will unfortunately impact EV sales in Canada.
If you want to take advantage of the $5,000 rebate, you should consider purchasing a new EV soon.
Leave a Reply