Authors: Chung Yi See, Vasco Rato Santos, Lucas Woodley, Megan Yeo, Daniel Palmer, Shuheng Zhang, and Ashley Nunes

Published on: March 01, 2024

Impact Score: 7.6

Arxiv code: Arxiv:2403.00458

Summary

• What is new: This research challenges the common belief that EV (Electric Vehicle) adoption is primarily hindered by battery costs, instead highlighting the role of consumer preferences for feature-rich and powerful vehicles.
• Why this is important: The higher procurement prices of electric vehicles compared to gasoline-powered vehicles, commonly attributed to battery costs, are a barrier to their adoption.
• What the research proposes: The study suggests reconsidering the focus on battery costs alone and paying attention to consumer preferences for amenities, features, and horsepower in EVs.
• Results: Findings reveal that EV prices are more significantly impacted by amenities and horsepower than by battery costs alone, with a resultant decrease in lifecycle emissions benefits due to preferences for more powerful and feature-dense vehicles.

Technical Details

Technological frameworks used: Statistical analysis of EV market data and attributes

Models used: Correlation and regression models

Data used: EV attributes and market condition data from 2011 to 2023

Potential Impact

Automotive manufacturers and suppliers, particularly those invested in EV technology and amenities enhancement, could benefit from these insights. Additionally, companies focusing on battery technology could reconsider their strategies.

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