Electric Vehicles from an Economic Point of View

Abstract

Abstract Research purpose. In recent years, the importance of moving from a linear economy to a circular economy in every area and sector of the economy has been discussed more than ever before. This includes discussions on a net zero energy system as the basis for a fully decarbonised electricity sector. The increase in demand for electricity and the push for net zero emissions are leading to a focus on using electric vehicles to meet the EU's sustainability targets. The European transport sector is responsible for a significant part of the European Union's total greenhouse gas emissions. The main aim is to evaluate the impacts of the automotive industry from an economic point of view because the increase in sales of electric cars can lead, among other things, to the mitigation of environmental problems. Design / Methodology / Approach. Electric cars and biofuel cars are the two most discussed solutions in the transport sector. As EVs are sustainable to the extent that their energy sources are sustainable, the main aim of this research paper is to investigate the impacts of the chosen electric vehicle types from an economic point of view, especially the sales of electric vehicles in the time period of 2010-2021. Battery electric vehicles and plug-in hybrid vehicles' sales situation will be analysed in Europe and globally. The assumptions and hypotheses were set and verified through regression and correlation analysis. Findings. The research results have confirmed our assumptions that the number of vehicles sold in Europe and worldwide is increasing with time. During the time period under consideration, electric car sales increased worldwide. 6,600,000 battery electric vehicles and plug-in hybrid vehicles were supplied in total in 2021, representing a 45% increase from the previous year. The most significant growth in car sales in Slovakia was in 2021, but only one-tenth of one per cent were electric vehicles. Originality / Value / Practical implications. A gradual shift of the main interest from automakers to electric vehicles is seen. At the same time, there are other questions connected to electric vehicles that need to be addressed and analysed, such as their high price, charging options and infrastructure and, nowadays, the electricity price.