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TSLA, GM, F: Electric Vehicle Sales in Canada Rise 75% as Country Diverges from U.S.

Story Highlights

– Canada has launched a new EV rebate program while the U.S. canceled a similar program.
– The northern country is also allowing sales of Chinese EVs.

TSLA, GM, F: Electric Vehicle Sales in Canada Rise 75% as Country Diverges from U.S.

Electric vehicle sales in Canada rose 75% year-over-year in March of this year as the country diverges in its energy policies from the neighboring U.S.

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Data from Statistics Canada shows that there were 21,574 fully electric vehicles sold in Canada during March of this year, an increase of 74.7% from March 2025. Electric vehicles now comprise 12% of all automotive sales in Canada, double the 6% seen a year ago.

The sales surge comes after Canada’s federal government announced a new, five-year electric vehicle incentive program in February of this year. That program offers rebates of up to $5,000 on each new electric vehicle purchase.

America’s EV Policies

The electric vehicle rebate program in Canada differs from the U.S., where the Trump administration did away with similar rebates last September, leading to a drop-off in sales. U.S. President Donald Trump is focused on encouraging sales of gas-powered rather than electric vehicles.

The canceled rebate program in the U.S. has hurt sales of leading electric vehicle makers such as Tesla (TSLA), General Motors (GM), and the Ford Motor Co. (F). Canada has also announced plans to allow 49,000 Chinese-built electric vehicles to be sold within the country, increasing the number to 70,000 a year by 2030.

Is TSLA Stock a Buy?

Tesla stock has a consensus Hold rating among 29 Wall Street analysts. That rating is based on 12 Buy, 12 Hold, and five Sell recommendations issued in the last three months. The average TSLA price target of $403.86 implies 6% downside from current levels.

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