Electric Vehicle Manufacturers and Battery Raw Materials Market
| Název práce v češtině: | Výrobci elektrických vozidel a trh materiálu pro výrobu baterií |
|---|---|
| Název v anglickém jazyce: | Electric Vehicle Manufacturers and Battery Raw Materials Market |
| Klíčová slova anglicky: | electric vehicles, raw materials, stock market, price changes |
| Akademický rok vypsání: | 2020/2021 |
| Typ práce: | bakalářská práce |
| Jazyk práce: | angličtina |
| Ústav: | Institut ekonomických studií (23-IES) |
| Vedoucí / školitel: | prof. Ing. Karel Janda, Dr., Ph.D., M.A. |
| Řešitel: | Bc. Oleg Alekseev - zadáno vedoucím/školitelem |
| Datum přihlášení: | 07.09.2021 |
| Datum zadání: | 07.09.2021 |
| Datum a čas obhajoby: | 13.06.2023 09:00 |
| Místo konání obhajoby: | Opletalova, O314, místnost. č. 314 |
| Datum odevzdání elektronické podoby: | 03.05.2023 |
| Datum proběhlé obhajoby: | 13.06.2023 |
| Oponenti: | Dipl.-Ing. Mathieu Petit, B.Sc. |
| Seznam odborné literatury |
| Kapustin, Nikita O., and Dmitry A. Grushevenko. “Long-Term Electric Vehicles Outlook and Their Potential Impact on Electric Grid.” Energy Policy 137 (February 1, 2020): 111103.
Baur, Dirk G., and Neda Todorova. “Automobile Manufacturers, Electric Vehicles and the Price of Oil.” Energy Economics 74 (August 1, 2018): 252–62. Cameron, Ken, and Oliver Schnusenberg. “Oil Prices, SUVs, and Iraq: An Investigation of Automobile Manufacturer Oil Price Sensitivity.” Energy Economics 31, no. 3 (May 1, 2009): 375–81. |
| Předběžná náplň práce v anglickém jazyce |
| Research question and motivation
Electric vehicles can attain 11–28% of the global road transport fleet by 2040 (e.g., Kapustin and Grushevenko, 2020). In this regard, the importance of lithium, cobalt, and other materials used in the production of lithium-ion batteries to the automobile industry is increasing as a shift in demand in favor of EVs happens. Meanwhile, prices of the lithium-ion battery pack, the power source of EVs, were above $1,100 per kilowatt-hour in 2010, but have fallen 89% in real terms to $137/kWh in 2020. Against this backdrop, it is important to understand to what degree equity prices of EV manufacturers are linked to changes in the prices of lithium and other materials and how this relationship has developed over time. The main hypothesis of my thesis is that the rise in the price of those materials causes the share price of electric vehicle manufacturers to decline, possibly by affecting production costs and, consequently, profit margins. A second hypothesis is that the impact of material price changes diminishes over time, possibly due to improvements in technology. Contribution It seems that existing academic literature did not pay much attention to this question. Besides, there was a gap in the analysis of the relationship between the oil market and stock prices of traditional car manufacturers until three years ago (e.g., Baur and Todorova, 2018), not to mention the EV manufacturers. In practice, the results can be used by various market participants to better understand market movements and act on this improved knowledge. Methodology I am going to define the full range of those materials, where they are mined and the proportions in which they are used in the manufacture of lithium-ion batteries. Their markets will then be described, including trading volumes and significant price fluctuations. Next, manufacturers of electric vehicles will be identified and selected. Data on stock quotes and material prices will be collected from 2010 to 2020. The augmented Fama-French three factor models are going to be applied. Outline Abstract Introduction a. why this topic is relevant to study b. brief overview of existing knowledge c. description of my contribution d. main results and their meaning e. how the thesis is organized Literature review and hypotheses a. literature on determinants of stock prices of automobile manufacturers b. evidence of role of raw material markets c. what hypotheses will be tested d. why it is reasonable to test them Methodology a. relevant description of data b. description of variables and models c. how I perform tests Results a. rejecting/not rejecting hypotheses b. my interpretation of the results Conclusion a. broader interpretation of the results b. implications for practice c. topics for further research |