Welcome to the EV North Newsletter!

Welcome to The EV North - a weekly newsletter that brings together some of the biggest EV news stories and delivers them to your inbox. There is a focus on Canada & North America but you’ll also find EV news from around the world!

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In this issue:

• Quebec Investor Group Acquires Lion Electric Following Subsidy Program Renewal.

• Halifax Deploys 60 New Electric Buses in Major Step Toward Zero-Emission Transit.

• Driving.ca shares the most affordable EVs in Canada.

• Cyclic Materials and Lime Launch First Large-Scale Rare Earth Magnet Recycling Program for E-Bikes and E-Scooters.

• Hyundai Motor Group Launches ZER01NE Fund III to Support Global Startup Innovation in AI, Robotics, and Clean Energy.

• Aston Martin Valhalla Makes First Dynamic Public Appearance Ahead of Monaco Grand Prix.

• + more!

Canada

Quebec Investor Group Acquires Lion Electric Following Subsidy Program Renewal.

As mentioned in previous issues, Lion Electric has been having financial struggles after the Quebec government indicated that it would not provide additional financial support. After many layoffs and downsizing, it seems that Lion Electric has found help.

Lion Electric, the St-Jérôme-based manufacturer of electric school buses, has been acquired by a consortium of Quebec investors after months of financial uncertainty. The deal was finalized shortly after the Quebec government finally renewed its expired subsidy program for electric school buses, an incentive that had previously driven much of Lion’s growth in the province. So although the government will not directly invest in the company, they will provide support through the subsidy program.

Led by Vincent Chiara of Groupe MACH and Lion board member Pierre Wilkie, the investor group submitted a revised offer following the province’s updated policy announcement. The subsidy recently renewed program provides up to $240,000 per vehicle and is backed by $480 million in provincial funding through 2028. The program aims to electrify 65% of Quebec’s 11,500 school buses by 2030.

Lion Electric filed for creditor protection in Canada and Chapter 15 bankruptcy in the U.S. in December 2024, owing over $244 million to creditors. The initial acquisition offer from the same investor group had failed when the government declined to provide $24 million in direct support, citing previous investments and financial risk.

Under the new ownership, Lion will maintain its manufacturing operations in St-Jérôme but will permanently reduce its workforce. The company has also closed its Joliet, Illinois plant and its Mirabel, Quebec battery facility.

Today, about 1,600 electric school buses operate in Quebec, with 1,175 built by Lion Electric. The renewed subsidy program played a critical role in securing the company’s future and advancing Quebec’s electrification goals.

Are you on Reddit? Check out our subreddit at https://reddit.com/r/evcanada 

Driving.ca shares the most affordable EVs in Canada.

Looking for affordable EVs in Canada? Driving.ca has listed the cheapest electric vehicles in 2025. Broken out into subcategories: Small EVs, Affordable Midsize EVs and Entrey-level Luxury EVs.

Here’s a break down + my personal choices for each category at the end:

Small Electric Vehicles

Fiat 500e

• MSRP: $39,995

• Range: 227 km

• Battery: 42-kWh

• Power: 117 hp / 162 lb-ft

• Fast Charging: 20–80% in 40 mins

Fiat’s 500e is Canada’s lowest-priced electric vehicle in 2025. Compact and stylish, it offers basic performance for urban use and comes with a designer “Collector’s Edition” option.

Nissan Leaf

• MSRP: $44,596

• Range: 240 km (SV), 341 km (SV Plus)

• Battery: 40 to 60-kWh

• Power: 147 to 214 hp

• Fast Charging: 20–80% in 40 mins

The long-standing Nissan Leaf provides good interior space and driver-assist features like ProPilot Assist on higher trims, though tech features are becoming dated.

Kia Niro EV

• MSRP: $45,595

• Range: 407 km

• Battery: 64.8-kWh

• Power: 201 hp / 188 lb-ft

• Fast Charging: 10–80% in 45 mins

A practical subcompact crossover with solid range and interior tech. Though it may be overshadowed by the upcoming EV3, it's still a strong value.

Affordable Midsize Crossovers

Nissan Ariya

• MSRP: $49,998

• Range: 348 km

• Battery: 66-kWh

• Power: 214 hp / 221 lb-ft

• Fast Charging: 10–80% in 35 mins

Larger than the Leaf and more refined, the Ariya introduces more range and higher comfort across multiple trim and drivetrain options.

Ford Mustang Mach-E

• MSRP: $52,995

• Range: 415 km

• Battery: 73-kWh

• Power: 264 hp / 387 lb-ft

• Fast Charging: 10–80% in 32 mins

The Mach-E balances sporty performance with everyday usability. Optional AWD and BlueCruise hands-free driving elevate its appeal.

Hyundai IONIQ 5

• MSRP: $52,999

• Range: 373 km (standard), 504 km (long-range RWD)

• Battery: 63 to 84-kWh

• Power: Up to 320 hp (AWD)

• Fast Charging: 10–80% in 18 mins

With its futuristic design and flexible trims, the IONIQ 5 offers fast charging, strong tech, and precise range feedback. AWD and long-range options available.

Entry-Level Luxury Electric Vehicles

Volvo EX30

• MSRP: $53,700

• Range: 420 km (RWD), 402 km (AWD)

• Battery: 69-kWh

• Power: Up to 422 hp

• Fast Charging: 10–80% in 26 mins

Volvo’s smallest EV blends Scandinavian design with strong acceleration and minimalist tech. Rear- and all-wheel-drive models are available.

BMW i4 eDrive35

• MSRP: $54,990

• Range: 428 km

• Battery: 70.3-kWh

• Power: 282 hp / 295 lb-ft

• Fast Charging: 10–80% in 32 mins

A luxury Gran Coupe with strong performance and a tech-forward curved dual display. Rear-wheel and xDrive AWD models expand the lineup.

Audi Q4 e-tron

• MSRP: $59,950

• Range: 463 km

• Battery: 82-kWh

• Power: 282 hp / 402 lb-ft

• Fast Charging: 10–80% in 28 mins

Audi’s entry-level EV SUV brings premium features, generous cargo space, and sharp styling. The Sportback option is available for a more coupe-like design.

Personally, my choices for each category would be:

Kia Niro EV: Best bang for your buck when it comes to power, range and charging capabilities.

Hyundai Ioniq 5: This was close VS the Mach-E, but the charging capabilities and overall value I feel is better with the Ioniq 5.

BMW i4 eDrive35: While this most likely isn’t a standout for anyone, I feel like BMW got a lot of things right. It doesn’t shine in one category but does everything quite well - not to mention the great style!

Cyclic Materials and Lime Launch First Large-Scale Rare Earth Magnet Recycling Program for E-Bikes and E-Scooters.

Cyclic Materials and Lime have announced a new partnership to recycle rare earth magnets from retired electric motors used in Lime’s shared micromobility fleet of e-bikes and e-scooters in the U.S. and Canada. This initiative marks the first at-scale recycling program targeting rare earth elements in electric micromobility vehicles across North America.

Through this collaboration, Cyclic will process end-of-life motors using its MagCycle and REEPure technologies to recover neodymium-iron-boron (NdFeB) magnets—key components in electric motors. The effort will be supported by Cyclic’s facilities in Mesa, Arizona and Kingston, Ontario.

Globally, less than 1% of rare earth magnets are recycled, even though demand is expected to grow significantly. In the U.S. alone, more than 43,000 metric tonnes of these magnets are projected to reach end-of-life by 2035.

This project helps reduce waste and supports a more sustainable supply chain for critical materials. It also aligns with Lime’s net-zero goals, including a 59.5% reduction in CO2 emissions since 2019, and strengthens Cyclic’s role in enabling circular supply systems for the clean energy transition.

Initial shipments are set to begin in the coming weeks, with operations expanding throughout 2025.

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EV Around the World 🌏

Hyundai Motor Group Launches ZER01NE Fund III to Support Global Startup Innovation in AI, Robotics, and Clean Energy.

Hyundai Motor Group has launched ZER01NE Fund III, a $91 million USD investment fund focused on accelerating early-stage startup innovation in strategic areas such as electric vehicle battery technologies, artificial intelligence, robotics, cybersecurity, hydrogen, and energy technologies.

Backed by 10 Group affiliates—including Hyundai Motor Company, Kia, Hyundai MOBIS, and Hyundai AutoEver—this third fund represents a 1.5x increase in capital compared to the previous ZER01NE Fund II. The new fund will target global startups aligned with the Group’s evolving business priorities in mobility, sustainability, and smart technology.

Since its inception, the ZER01NE platform has supported over 105 startups and enabled more than 200 collaboration projects across Hyundai’s ecosystem. Past investments include:

• Clobot: Provider of cloud-based robot management platforms for logistics, healthcare, and security

• MakinaRocks: Developer of AI-driven tools for manufacturing optimization

• POEN: Upcycler of end-of-life EV battery packs into new energy storage solutions

• 60Hertz: AI software firm optimizing distributed renewable energy systems

• LD Carbon: Recycler of used tires into recovered carbon black and pyrolysis oil

• Terracle: Plastic recycling startup using low-temperature depolymerization

• Holiday Robotics: Creator of humanoid robots for industrial and home use

With the new fund, Hyundai Motor Group aims to deepen collaboration with high-potential startups that can contribute to cleaner transportation, circular economy models, and digital transformation across the automotive sector.

Aston Martin Valhalla Makes First Dynamic Public Appearance Ahead of Monaco Grand Prix.

Aston Martin’s Valhalla plug-in hybrid supercar made its global dynamic debut on the streets of Monte Carlo ahead of the Monaco Formula One Grand Prix. The vehicle was driven by Fernando Alonso, two-time F1 World Champion and Aston Martin Aramco Formula One team driver, marking its first appearance in motion after previously only being shown in static displays.

The Valhalla represents several firsts for the brand:

• First series production mid-engined supercar.

• First plug-in hybrid vehicle (PHEV) with a dedicated EV range.

• First Aston Martin to feature a 4.0L twin-turbo flat-plane V8, delivering 1,000+ hp.

• First use of Aston Martin’s new 8-speed Dual Clutch Transmission with integrated e-Motor and electronic rear differential.

• First with twin front axle electric motors for torque vectoring and all-wheel drive capability.

This performance model has been developed in close collaboration with Aston Martin Performance Technologies, integrating Formula 1-derived systems for aerodynamics, dynamics, and materials. Final validation testing has recently concluded on both road and track.

Alonso drove the Valhalla in Podium Green with Lime Green accents, inspired by the AMR25 Formula 1 car, navigating Casino Square and the Monaco tunnel to highlight the vehicle’s handling and performance.

Valhalla marks an important step in Aston Martin’s electrification plans and positions the automaker within the high-performance hybrid segment, blending track-ready engineering with luxury road capabilities.

QuickEV

• Tesla sales in Europe plunged by nearly 50%, brand crisis is worsening.

• Rivian R2 kicks off real-world validation and even its camo wraps.

• Chevrolet Blazer SS vs Hyundai Ioniq 5 N – Do Fun EVs Exist?

• Another way electric cars clean the air: study says brake dust reduced by 83%.

• Nissan Might Sell Its Home to Survive: Report.

• From the EU: BatteryPass-Ready develops test environment for battery passports.

• CATL’s first 100-second swappable EV batteries debut, proving how far ahead China is.

EV Tweet of the Week