Trade Wars and EV Claims Costs Podcast 08
In 2024 Q2, the average repair cost for battery electric vehicles was $6,534
A North American trade war against China is impacting the electric vehicle (EV) market. Higher tariffs on Chinese EVs, imposed by both Canada and the US, are predicted to slow EV adoption in these regions despite growing global demand and increasing EV repair costs. This is particularly concerning for Canada, which faces potential World Trade Organization (WTO) dispute resolution due to its participation in the MPIA. Conversely, the US’s protectionist policies avoid such consequences. The overall impact on EV claims costs remains uncertain.