The first quarter of 2020 brought some great news for major players in the electric vehicle space. Perhaps the largest name in the industry, Tesla Inc, reported some impressive numbers, even turning a profit despite some major setbacks. Prosperity in electric vehicle sales increased by quite a large number across Canada.
As a matter of fact, as a source at Inside EVs presents, during the first three months of 2020, “The total volume of all-electric (BEV), plug-in hybrid (PHEV) and hydrogen fuel cell (FCVs) cars – although probably not many FCVs – amounted to 11,978, which is about 50% more than in Q1 2019 (7,999).”
A 50% increase is certainly impressive, no matter what industry you look at. With electric vehicles, however, the numbers are even more staggering. As an industry that’s growing, electric vehicle adoption remains in its infancy. However, as large brands like Tesla continue to gain public recognition, it’s sensible to assume the trend will continue its upward trajectory.
Even though the first quarter numbers from 2020 are positive, Q2 may bring some challenges. The coronavirus safety measures put into place in North America and elsewhere had some devastating effects on electric vehicle makers. In Canada, where winters are long and cold, plug in electric vehicles offer consumers a unique mode of transportation.
