Did Electric Vehicle Sales Skyrocket Due to Increased Environmental Awareness While Total Vehicle Sales Declined during COVID-19?

Theo Lieven and Beatrice Hügler
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Theo Lieven: Institute for Mobility, IMO, School of Management, University of St. Gallen, 9000 St. Gallen, Switzerland
Beatrice Hügler: Institute for Mobility, IMO, School of Management, University of St. Gallen, 9000 St. Gallen, Switzerland

Sustainability, 2021, vol. 13, issue 24, 1-19

Abstract: Since the beginning of 2020, the COVID-19 pandemic has posed a global threat to humankind. In addition to many cases of illness and millions of deaths, the economy has suffered. Not surprisingly, vehicle sales have declined sharply in most countries by up to 25%. However, the overall sales of electric vehicles (EVs) did not stall; instead, they increased to previously forecasted levels. Is this increase evidence that COVID-19 has promoted sustainable action and strengthened environmental awareness, as researchers have discussed in recently published articles? Or is this merely the effect of monetary incentives by governments, as has been demonstrated in scientific research? This study examines the causes behind the surprising continuous climb of EV sales despite the outbreak of the pandemic by contrasting the influence of COVID-19 on environmental concerns and the usual monetary incentives with their potential complementary effects.

Keywords: vehicle sales decline; electric mobility; environmental awareness; COVID-19 anxiety; governmental subsidies (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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