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

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

Authors
Pu Sun1, *
1Liberal Arts College, Emory University, Atlanta, GA, 30322, USA
*Corresponding author. Email: psun32@emory.edu
Corresponding Author
Pu Sun
Available Online 27 December 2022.
DOI
10.2991/978-94-6463-052-7_45How to use a DOI?
Keywords
COVID-19 Pandemic; Green Energy Stock Performance; Electric Vehicle; Green Energy ETFs
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.

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
27 December 2022
ISBN
978-94-6463-052-7
ISSN
2352-5428
DOI
10.2991/978-94-6463-052-7_45How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Pu Sun
PY  - 2022
DA  - 2022/12/27
TI  - The Impacts of the COVID-19 Pandemic on the Electric Vehicle Sector in the United States
BT  - Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)
PB  - Atlantis Press
SP  - 390
EP  - 400
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-052-7_45
DO  - 10.2991/978-94-6463-052-7_45
ID  - Sun2022
ER  -