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Due to developments in technology, environmental concerns, and government incentives, this sector has attracted a lot of interest and grown noticeably in recent years
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Assignment #2Electric Cars
Business Economics (BUS400NFF)
Professor: Sandra Wellman
Harmanpreet Hans
June 17, 2023
, Introduction
I investigated the electric vehicle (EV) market for my paper. Due to developments in
technology, environmental concerns, and government incentives, this sector has
attracted a lot of interest and grown noticeably in recent years. Moving towards electric
cars signifies a change to cleaner, more environmentally friendly modes of mobility.
Several factors have influenced the electric car market in recent years such as growing
awareness about environment, advancement in technology.
The market for electric vehicles is prone to instability for several reasons. The
availability and cost of raw minerals like lithium, cobalt, and nickel—which are required
to make the batteries for electric vehicles—are a crucial consideration. The
manufacturing and cost of electric automobiles may be directly impacted by changes in
the worldwide supply and demand for these materials. The pricing and availability of
these raw materials may fluctuate as the industry expands and the demand for batteries
rises. Additionally, modifications to governmental rules and regulations may create
confusion in the market. Changes to incentives, subsidies, or emission rules may
influence consumer demand and change the market environment. Government choices
are constantly watched by producers and customers since they might affect the
dynamics of the market and the profitability of electric vehicles.
Government regulation has a significant impact on how the market for electric vehicles
is shaped. Governments all across the world are putting plans in place to encourage the
switch to electric vehicles and lessen greenhouse gas emissions. To lower the price of
and increase customer interest in buying electric automobiles, these policies include
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