Business and commercial: Electric vehicles will alter the economy

Experts say the increasing popularity of electric vehicles will likely change the economic landscape. In the world of business and commercial endeavours in Canada, much is being said in the media about how electric vehicles will impact society. In fact, a recent report suggests that by 2030, there will be more than 13 million electric vehicles on Canadian roads, which will vastly change energy demands.

The increased purchase and use of these types of vehicles is estimated to decrease domestic oil consumption considerably. Analysts contend this could see an amalgamation of gas, oil and energy companies. Oil and gas companies, experts contend, should be looking now at diversifying their portfolios as more consumers go the electric vehicle route. 

If experts' predictions are correct and more people make the move to electric vehicles, it could mean an 11% increase in the demand for electricity across Canada. Some major revamps to the system would be necessary, including overhauling electricity grid infrastructures to allow people to charge their vehicles both at home and in public areas. These changes would affect not only urban, but rural areas of the country as well. 

There are always new things coming out in the business and commercial world in Canada. Seeking legal advice when an idea is in its infancy may be wise. A lawyer may be able to offer a client a number of suggestions when it comes to adhering to provincial and federal business laws that drive business endeavours such as the creation of new items such as electric vehicles. 

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