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The Impacts of the COVID-19 Pandemic on the Electric Vehicle Sector in the United States

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

Listed:
  • Pu Sun

    (Emory University, Liberal Arts College)

Abstract

This current work measures the difference in how retailers of electric vehicles, mixed vehicles, and green energy ETFs performed in the market during the COVID-19 pandemic. By aggregating the average daily returns of four U.S automotive stocks and two green energy ETFs from Feb. 2020 to March 2021 using the two-variance analysis – ANOVA test, the result shows that the average daily returns of electric vehicle retail differ significantly from that of the mixed vehicle retailers. Additionally, this paper uses a multiple linear regression model on the market return of the S&P 500 index and market volatility of the COBE index to measure how much the COVID-19 pandemic affects the performance of four representatives of U.S Automotive companies and two green energy mutual funds. The result shows that the mixed vehicle retailers suffered the most throughout the pandemic. Additionally, during the analysis period from Feb. 2020 to March 2021, the result also indicates that the electric vehicle retailers have the most positive correlation with the COVID-19 pandemic. The study implies that the COVID-19 pandemic not only affected the U.S equity market but has also accelerated the global concern on climate change and the environment from investors’ perspectives.

Suggested Citation

  • Pu Sun, 2022. "The Impacts of the COVID-19 Pandemic on the Electric Vehicle Sector in the United States," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 390-400, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_45
    DOI: 10.2991/978-94-6463-052-7_45
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