Canadian electric vehicle transition—the difference between evolution and revolution

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How Canadian energy companies can prepare for the rise of electric vehicles

Electric vehicles (EVs) are coming! Or are they? Over the past 10 years EVs have become increasingly common across the world, and here in Canada. While the adoption of EVs has already had an obvious effect on the automobile industry, this transition will also impact other sectors, including both oil and gas (O&G) and power and utilities (P&U). Although we know there will be an eventual shift toward the increased use of EVs, what remains uncertain is when, how rapid and how big the shift will be. All of this uncertainty can overwhelm and cause organizations to experience “analysis paralysis” when trying to determine how to respond to all of the changes.

At EY, we understand the difficulties in tracking all of the many, unknown factors that can affect Canadian industries and businesses. We believe in the importance of “future-proofing” business strategies by focusing on agility. We know that’s not a small task so, to make it a little easier, we used scenario planning to develop a few scenarios for EV adoption in Canada and to comment on how both the O&G and P&U industries may be impacted if any of these scenarios arise. We know that a dramatic shift to EVs would fundamentally shift how Canadians consume energy products and impact both O&G and P&U industries forever. It is indisputable that change in Canadian energy industries is accelerating, and the risk of disruption is increasing. Standing by and observing is no longer a viable business strategy. So the question is, are you ready for the new Canadian energy future?

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EY - Canadian electric vehicle transition—the difference between evolution and revolution

 

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