The federal fund behind the $5,000 Canadian EV rebate has run out, leading to the end of federal help for regular Canadians looking to buy an EV.

On January 10th, the government announced that $71 million was left in the fund and that it would likely run dry by the end of March 2025. Now, three days later, it’s announced that the fund has run out.

It seems strange that the funds all ran out over a weekend, but it was expected that the announcement of the incoming closure was going to lead to a bump in sales as people on the fence rushed out to buy before the rebate’s funds ran out.

In a Financial Post report, dealers are even worried that cars they’ve sold with the promise of the federal EV credit might not get it. Transport Canada says that the remaining EV credit applications are being treated on a first come-first basis.

The Canadian government revealed the fund in May of 2019 and it used the money to help get over 546,000 EVs onto Canadian roads over the past six years.

Ontario has no provincial rebate, but B.C. offers $4,000, and Quebec’s rebate is slated to return in March and will also offer $4,000

Earlier today, Tesla raised its prices, presumably because it knew that keeping the cars priced below $55,000 to make them eligible for the rebate was no longer needed. Hopefully, now that there are lots of EVs from a variety of companies, competition will keep prices afforadable, but seeing Tesla immediately raise its price after the incentive dried up isn’t a good sign.

Source: Financial Post