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Analysis of Macroeconomic Indicators That Affect Electric Vehicle Stock Market

In: Proceedings of the 2023 International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2023)

Author

Listed:
  • Jiazhong Wang

    (New York University School of Professional Studies, Information Systems Management)

Abstract

The performance of an individual stock is exposed to both systematic and unsystematic risks based on economic indicators. Such indicators may directly or indirectly have drastic effects on the performance of an individual stock or the overall market. The stock market is an integral part of the financial system. Therefore, publicly trading companies are large entity that is part of the economic environment. Thus, any fluctuations in the macroeconomic environment would also affect the performance of stocks. For example, the Consumer Price Index measures the price of the average market basket of products. The CPI is crucial to the stock market as it also serves as a key economic metric for tracking the rate of inflation. This paper collected CPI, U.S.-China exchange rates, and other data sourced from FRED (Federal Reserve Economic Data) and Yahoo Finance. These indexes were part of the data selected to perform multivariate regression through SPSS Statistics and MATLAB to determine its relationship with the performance of three EV stocks including Tesla, BYD, and Nio. Results suggest that BYD and Nio’s stock performance is likely affected by its PE ratio. For Nio, there is also an inverse relationship between its stocks and CPI. Tesla’s stocks and CPI, on the other hand, have a positive correlation. However, there is an inverse relationship with U.S.-China’s exchange rates.

Suggested Citation

  • Jiazhong Wang, 2024. "Analysis of Macroeconomic Indicators That Affect Electric Vehicle Stock Market," Advances in Economics, Business and Management Research, in: Peng Dou & Keying Zhang (ed.), Proceedings of the 2023 International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2023), pages 130-144, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-441-9_13
    DOI: 10.2991/978-94-6463-441-9_13
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