|Strategic Analysis of the Canadian EV Market|
|Toyota and Tesla Have Monopolized the Hybrid and the BEV Markets, Respectively, While Hyundai-Kia Has Offerings Across All xEV Types|
The automotive industry is rapidly evolving in terms of technology as well as its ability to tackle environmental issues. Electric vehicles (EVs) were introduced as a clean energy initiative as they are low- or zero-emission vehicles; now, however, they have become an integral part of OEMs’ business strategies. Automakers are creating separate EV business units to prepare themselves for the expected boom in future. This surge in demand will create a massive need for charging infrastructure as well as safety regulations and standards.