The Growing Preference for Electric Vehicles from a Political and Economic Point of View

Abstract

This paper examines the political and economic views of the benefits of electric vehicles, through government funding and consumer taste, the preference for electric vehicles has been growing as the years progress. The current problem of global warming caused world leaders to fund and subsidize more and more electrical vehicle components and research on these components. The funding and subsidizing results in Consumer able to buy these electric vehicles for cheaper. The electric vehicles are also cheaper for consumers to maintain as of the gradual rise in oil prices becoming harder to maintain traditional gasoline powered cars. The finical crisis and the plummet of the stock market, especially during COVID 19 also contributed to consumers favoring electric vehicles. Consumer favoring SUVs also contributed to the growing preference for electric vehicles, as consumers see SUV as a type of status symbol, but as SUVs are low fuel economy cars, meaning they contribute a lot to carbon emissions, and are hard to maintain as they need too much oil, drove consumers to purchase electrical SUVs, as it can fulfill the sense of status and be cheaper to maintain at the same time. The future of the electrical car market seems to be on the positive side, as more and more funding by the environmentally-conscious governments allows for more research and time spent on finding cheaper and better ways of producing the components these electrical cars need, making it more accessible for a even wider range of consumers.