Electric Vehicles Affecting Canada's Economy

Economics Essay Outline
The world’s economy is heavily affected by the price of oil. Economic growth, especially in developing countries, is dependent on oil, the demand from those nations is gradually increasing and for developed countries such as Canada to maintain their economic growth switching to electric cars is imperative. Ending Canada’s economic dependence on oil is undoubtedly going to benefit the economy. Switching to electric cars will provide new jobs, more revenue, and advance technology which will directly improve the Canadian economy.

Switching to electric cars will create new jobs and provide more jobs for the Canadian economy. Alton Larry explains in his article “How electric vehicles are helping stimulate the economy in

(Larry, 2015) Germany Aims to have to one million electric cars by 2020 and with all these new cars there has to be infrastructure and workers to sustain these new cars. (Agence, 2016) The former governor of Michigan explains in a Huffington Post article that when they received 12 grants worth $1.35 billion they were able to attract 18 companies planning to provide 63,000 jobs for the lithium-ion batteries alone. (Granholm, 2012) Since electric cars are a newer concept to the market and infrastructure have not been established to support large volumes of this vehicle, new jobs will be created to satisfy the needs and demands that were manifested from switching to electric cars. Furthermore, by shifting to electric cars it will cause an increase of higher wage jobs such as the people working in research and development. More people will be hired in order to improve the quality and safety of batteries inside electric cars. In MIT’s Technology Review it explains how electric cars are unable to compete with gas powered cars due to the high cost of batteries. Presently many companies are trying

Moreover, having investors provide funding for this research will generate more revenue for the Canadian economy. According to the article by the Financial Times Oil groups feel threatened by electrics car. The article specifies that investors are gradually feeling more threatened by electric cars and they are planning a radical change in investment because new battery technology may become more efficient than conventional cars. (Philita, 2016) This will cause an increase in revenue because investors invite will have more confidence due to the fact that the United Nations are heavily pushing the shift to electric cars and the fact that they will not become obsolete in the near future. Through all the new jobs that are generated from switching to electric cars it will create more revenue for the Canadian economy. The jobs created from switching to electric cars will generate more revenue for the Canadian economy. By having new jobs such as maintenance workers, new developers, constructors and managers for developing the infrastructure these new cars it will cause more revenue. There are many climate change goals that are being set to combat the world’s environmental issues and as electric cars become a major factor in battling carbon emissions, many different companies are battling to achieve the dominant portion of this emerging market. In the MIT Technology Review it mentions