Globally, the demand for electric vehicles remains robust, but the growth of charging stations is lagging behind. According to an in-depth study by Ryan Fisher at BNEF, the number of electric vehicles on the road per public charging point jumped to 9.2. At the end of 2020, this figure was 7.4.

China, one of the biggest and fastest-growing markets for electric vehicles, has done well when it comes to charging stations. Since 2018, the growth of charging stations has kept up with the increasing demand for electric cars. The country now has more than half of the world’s public charging points.

In the U.S., the number of chargers for every electric vehicle continues to decline. Europe is also lagging behind when it comes to charging infrastructure as electric vehicle sales in the region have surged since 2019. In Germany, for example, the ratio of electric vehicles per charging point in 2019 was eight. In 2021, it was at 20.1


The Canadian government announced an Incentives for Zero-Emission Vehicles (iZEV) program in May of 2019 to make a push towards the emission-free auto market and end sales of gas-powered vehicles by 2035. This program has now been extended to March 2025 and there are some adjustments that include a larger portion of the electric vehicle market.

Under the new iZEV, battery-electric cars with sticker prices between $55,000 and $65,000 would qualify for a $5,000 rebate. Also, electric pickup trucks, minivans, and SUVs with prices between $60,000 and $70,000 will also be eligible for a rebate. Previously, only electric vehicles priced between $45,000 and $55,000 were eligible for a rebate.

Furthermore, under the new iZEV, plug-in hybrid (PHEV) models with 50 km or more of electric driving range can get a rebate of $5,000.2


Tesla & BYD, Shifting Gears with Electric Vehicles

Tesla Inc.

Manufacturer of electric cars, Tesla Inc., announced robust 2022 first quarter earnings, beating analysts’ consensus with earnings per share at $3.22, and revenue jumping 87% to $18.76 billion.

With electric vehicle demand remaining solid globally, Tesla’s CFO and CEO Elon Musk said they remain confident that the company could grow 50% over 2021 numbers.

Elon Musk also said that the company will likely produce one and a half million cars this year, while also cautioning customers that those ordering now are facing long wait times and some orders won’t arrive until next year.3

Source: Tesla

BYD Co. Ltd.

BYD Co. is an electric car maker based in China that is backed by legendary investor Warren Buffett. The company announced that it has stopped production of fossil-fuelled vehicles since March.

On Twitter, the company said that it has become the first automotive manufacturer in the world to stop production of fuel-combusting vehicles. In the first quarter of 2022, the company electric vehicle production jumped 170% to 292,165 units.

According to advisory firm Sino Auto, which is based in Beijing, BYD will also make batteries for electric vehicles and it’s the first electric or plug-in hybrid vehicle maker in China to sell 100,000 units a month.4

Source: BYD Co. Ltd.

Investing in Electric Cars with CARS ETF

If you’re looking to invest in an electric vehicle ETF, consider Canada’s first automobile innovation ETF, Evolve Automobile Innovation Index Fund (TSX Ticker: CARS). CARS ETF invests in global companies that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network connected services for automobiles. For more information on this fund, please click here:

For the latest information on auto innovation investing and industry updates on related investment products, sign up for our weekly newsletter.


  1. McKerracher, C. “Electric Vehicle Growth Outpaces Installation of Battery Chargers,” BNN Bloomberg, April 12, 2022;
  2.  Ilika, D. “Canadian Government Expands EV Rebate Program,”, April 25, 2022;
  3. Kolodny, L. “Tesla reports $18.76 billion in revenue and record margins in Q1,” CNBC, April 20, 2022;
  4. “China’s BYD to Stop Producing Fossil-Fueled Vehicles on EV Shift,” BNN Bloomberg, April 4, 2022;
The contents of this blog are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security discussed. These contents are not an offer or solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended for informational purposes only.
Commissions, management fees and expenses all may be associated with exchange traded funds (ETFs) and mutual funds (funds). Please read the prospectus before investing. ETFs and mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. There are risks involved with investing in ETFs and mutual funds. Please read the prospectus for a complete description of risks relevant to ETFs and mutual funds. Investors may incur customary brokerage commissions in buying or selling ETF and mutual fund units.
Certain statements contained in this blog may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolve Funds undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Tags byd  cars etf  charging stations  electric cars  electric charging  electric vehicles  EV charging station  Evolve Automobile Innovation Index Fund  investing  Tesla