Automobile manufacturers, electric vehicles and the price of oil
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Todorova, Neda
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This paper analyzes the oil price sensitivity of the world's largest automobile manufacturers. After controlling for systematic effects we identify a negative oil price sensitivity consistent with a fuel-cost demand effect. This effect has strengthened recently potentially due to the increased popularity of SUVs and despite efforts of major producers to start or increase the production of hybrid and electric vehicles. Tesla is the only company that displays a positive oil price sensitivity consistent with a substitution effect between combustion-engine cars and electric cars.
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Energy Economics
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74
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© 2018 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
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Banking, finance and investment