In a bid to boost customer traffic, Restaurant Brands International (QSR) is adding electric vehicle (EV) charging stations to its Tim Hortons coffee shops across Canada.
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The Toronto-based company has announced plans to install fast electric vehicle chargers at 100 of its Tim Hortons restaurants, with the first now open in the Canadian province of Saskatchewan. Restaurant Brands, which also owns the Burger King chain, said it plans to have EV charging stations at locations across Canada by the end of 2028.
The rollout of the charging stations will include 13 more Tim Hortons locations by the end of this year and an additional 50 by the end of 2026. Management at Restaurant Brands says its goal is to make Tim Hortons the largest restaurant provider of EV fast charging stations in Canada. Named after a former professional hockey player, Tim Hortons is a popular doughnut and coffee chain among Canadians.
Slow EV Adoption
Each charging station at a Tim Hortons location will have an average of four charging ports for visitors to use. The charging stations will be capable of powering up to 75 miles of range within 10 minutes. Customers can locate the nearest charging station using the Tim Hortons mobile app.
The EV charging station launch comes amid slow adoption of electric vehicles in Canada, with the government identifying a lack of infrastructure and slow charging times as two impediments to greater electric vehicle purchases.
According to a recent report commissioned for the government, there are about 35,000 charging stations nationwide in Canada. That’s far below the 100,000 Canada needs to meet its policy goals for widespread electric vehicle uptake.
Is QSR Stock a Buy?
Restaurant Brands International has a consensus Moderate Buy rating among 21 Wall Street analysts. That rating is based on 12 Buy, eight Hold, and one Sell recommendations issued in the last three months. The average QSR price target of $77 implies 23.46% upside from current levels.
