09:01 AM EDT, 03/14/2025 (MT Newswires) -- Almost exactly a year ago, electric vehicle (EV) sales in Canada were on pace to hit 14% of new vehicle sales in 2024, said Bank of Montreal (BMO).

Despite talk of a perceived slowdown, EV sales outperformed,

reaching 14.6% of the new vehicle market, noted the bank.

When hybrid electric vehicles (HEV) are added into the mix, nearly 24% of new vehicles sold last year were either EVs or HEVs. In terms of growth, EV purchases surged almost 44% in 2024, while HEVs sped ahead at a pace of just under 25%.

The province of Quebec is in a category of its own, with EV sales reaching over 40% of new vehicle sales in Q4 2024.

Part of that is likely due to consumers rushing to claim the provincial rebate before it was reduced at the start of 2025, added BMO.

British Columbia's EV sales share was roughly 21% in the same quarter, and for Ontario, the same figure was 9%.

Those rumors that were swirling last year might prove more prescient this year, according to the bank. The federal rebate

program ran out of funds in mid-January and Quebec also paused its rebate until at least April 1.

When the effective price of something rises, demand usually

falls. That's a lesson the global economy might be getting a crash course in this year, concluded BMO.