Prices and preferences in the electric vehicle market
arxiv(2024)
摘要
Although electric vehicles are less polluting than gasoline powered vehicles,
adoption is challenged by higher procurement prices. Existing discourse
emphasizes EV battery costs as being principally responsible for this price
differential and widespread adoption is routinely conditioned upon battery
costs declining. We scrutinize such reasoning by sourcing data on EV attributes
and market conditions between 2011 and 2023. Our findings are fourfold. First,
EV prices are influenced principally by the number of amenities, additional
features, and dealer-installed accessories sold as standard on an EV, and to a
lesser extent, by EV horsepower. Second, EV range is negatively correlated with
EV price implying that range anxiety concerns may be less consequential than
existing discourse suggests. Third, battery capacity is positively correlated
with EV price, due to more capacity being synonymous with the delivery of more
horsepower. Collectively, this suggests that higher procurement prices for EVs
reflects consumer preference for vehicles that are feature dense and more
powerful. Fourth and finally, accommodating these preferences have produced
vehicles with lower fuel economy, a shift that reduces envisioned lifecycle
emissions benefits by at least 3.26 percent, subject to the battery pack
chemistry leveraged and the carbon intensity of the electrical grid. These
findings warrant attention as decarbonization efforts increasingly emphasize
electrification as a pathway for complying with domestic and international
climate agreements.
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