Manufacturing electric vehicles for Ontario market could boost economy by $3.6 billion
Windfall Centre has released its in-depth study of the economic impact of Electric Vehicle (EV) adoption in Ontario. The yearlong research project, dispels myths and fills a significant knowledge gap on the impacts of what could well be a transformative shift in personal transportation in the 21st century. If EVs reach a 10% share of the total passenger vehicle population by 2025, Ontario can expect total income to increase by over $3.6 Billion with 34,000 person years of work created.
Large energy savings and industrial gains
Electric vehicles are shown to realize large energy savings and realize many industrial gains but may also cause some disruptions and substitutions in the economy. The net effects, however, are almost all positive. In particular the study demonstrates the following:
- Large energy savings, particularly in those expensive and non-renewable fossil fuels imported from outside Ontario.
- Reductions in CO2 emissions and the prospect of placing Ontario as a frontrunner in the fight to eliminate CO2 emissions.
- Developing a new and dynamically growing industry with a capacity to generate sizeable employment opportunities at the upper end of the wage scale (34,000 by 2025 with a 10% EV market share).
- Developing a new infrastructure of charging stations.
- Limited additional electricity generation capacity and delivery systems are needed when the projected shares of EVs are less than 10% of the Ontario fleet of vehicles.
- The phasing out of an old industry and the development of a new industry requires more, but manageable numbers of graduates from universities.