Dissertation Final Nulu Srinivas 1923027

Executive Summary
Electric vehicles are now a contemporary mode of transportation across the world. Countries
are encouraging the rapid manufacturing of these vehicles for the goal of sustainable
development. Non-renewable energy sources such as Petrol and Diesel will significantly
decline in few years. Clean fuel and clean energy are primitive sustainable goals under United
Nations SDGs. The investor behavior in equity is shifting towards investment in EV-based
companies. The automobile, auto-ancillaries, heavy engineering, and software development
industry have become very attractive to investors. The equity research of these companies is
at a very limited scope. This paper gives you a comprehensively designed EV sectoral fund
and also analyses the investor’s awareness of the EV industry, risk appetite of the investor
and then studies the investor’s sentiment and willingness to invest such funds.
A structured questionnaire and snowball sampling technique are designed to collect data from
Indian investors, and responses yielded 255. This paper gives you a comprehensively
designed EV sectoral fund, analyses the investor's awareness of the EV industry and risk
appetite, and then studies the investor's sentiment and willingness to invest in such funds.
The study does not precisely address the significant difference of behaviour between
investors and non-professional investors in the EV industry. This paper does not study private
equity investors and venture capital investor sentiment. The listed EV companies on the
Indian stock market are considered while constructing the portfolio, and the other prominent
unlisted EV companies are not considered.
As per the best of the author's knowledge, I believe this is the first study about EV funds and
investors' sentiment in India. This research contributes to understanding the investor's
awareness of the EV industry, risk appetite, and sentiment toward these funds and sectors. In
addition, the authors contribute to the best in designing a comprehensive equity portfolio/
thematic fund of listed EV stocks Indian stock market.
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Chapter 1
INTRODUCTION
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1.1 Introduction to the global EV industry
The worldwide electric vehicle market share has increased dramatically over the last decade,
and is expected this trend to continue. Despite the fact that the number of electric vehicles on
the road has increased dramatically in recent years, estimates from the electric car industry
imply that is barely scratched the surface. Electric car producers and policymakers are
increasing their focus and initiatives in this area (EVs). EV technologies, like as fully electric
and plug-in hybrid vehicles, are appealing solutions for achieving environmental,
socioeconomic, and health goals. EVs may minimise dependency on oil-based fuels and, if
run on low-carbon electricity, can produce considerable reductions in greenhouse gas
emissions, in addition to being two to four times more efficient than conventional internal
combustion engine vehicles. EVs are also ideally adapted to assist alleviate air pollution
concerns due to their zero tailpipe emissions. Furthermore, EVs are pushing advancements in
battery technology, which is a critical problem for industrial competitiveness in the clean
energy transition. Electric vehicle fleets are rapidly developing in some of the world's main
automotive markets. Batteries and electric vehicles are becoming more affordable.
Infrastructure for charging is growing. This advancement encourages the electrification of
two- and three-wheelers, light-duty vehicles (LDVs) (cars and vans), taxis and shared
vehicles, buses, and heavy-duty vehicles with short-range needs, such as urban deliveries.
The number of electric vehicle models offered to customers is continuing to grow.
The worldwide electric vehicle market is divided into several segments, including type,
vehicle type, vehicle class, peak speed, vehicle drive type, and region. It is classified into
three types: battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel
cell electric car (FCEV). It is divided into three types of vehicles: two-wheelers, passenger
automobiles, and commercial vehicles. It is divided into two car classes: mid-priced and
luxury. It is divided into three categories based on max speed: less than 100 MPH, 100 to 125
MPH, and more than 125 MPH. It is divided into three categories based on vehicle drive
type: front wheel drive, rear wheel drive, and all-wheel drive. The market is divided into four
regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean. In the
electric car industry, companies' primary development tactics have been product development
and product launch. Ampere Vehicles, Benling India Energy and Technology Pvt Ltd, BMW
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AG, BYD Company Limited, Chevrolet Motor Company, Daimler AG, Energica Motor
Company S.p.A., Ford Motor Company, General Motors, Hero Electric, Hyundai Motor
Company, Karma Automotive, Kia Corporation, Lucid Group, Inc., Mahindra Electric
Mobility Limited, NIO, Nissan Motors Co., Ltd., Okinawa Autotech Pvt. Ltd., Rivain.
Figure 1.1: Global EV sales.
In terms of electric car sales, the year 2020 was already a significant step ahead. The year
2021 will be a very different tale. The marketplace is expanding. It's rapidly expanding. And
it's spreading like wildfire.
Europe (1.06 million new registrations) and China (1.149 million new registrations) are
predicted to have the biggest proportion of new electric car registrations in 2021, followed by
the United States (2,97,000 new registrations).
Figure 1.2: Global electric vehicle stock by region and transport mode
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In 2020, ten million electric automobiles will be on the road throughout the world. It was a
watershed moment in the electrification of public transportation. Electric vehicle sales
accounted for 4.6 percent of total vehicle sales worldwide. Models of electric vehicles have
become more widely available. New battery technology projects have been started. And this
progress was made in the middle of the Covid-19 epidemic, as well as the economic crisis
and lockdowns that accompanied it.
1.2 Indian EV market
The Indian Electric Vehicle Market was worth USD 1434.04 billion in 2021 and is predicted
to be worth USD 15397.19 billion by 2027, growing at a CAGR of 47.09 percent during the
forecast period (2022 - 2027). The automotive sector in India is dominated by two-wheelers
(scooters, motorcycles) and three-wheelers (autos and rickshaws), which play an important
part in the country's last mile transportation. Rising government attention and focus on
private-sector and government-sector collaboration to improve the country's EV ecosystem.
Major OEMs' increased investments and product launches in the nation, as well as their focus
on localizing supply chain facilities, are creating a healthy market picture.
The Indian automobile sector is the fifth largest in the world, with a goal of being the third
largest by 2030. Relying on traditional means of fuel-intensive mobility to serve a large
domestic market will not be sustainable. To solve this, federal authorities are proposing a
mobility choice that is "Shared, Connected, and Electric," with the goal of reaching 100
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percent electrification by 2030.
According to independent research conducted by the CEEW Centre for Energy Finance
(CEEW-CEF), the EV market in India would be worth US$206 billion by 2030 provided
India continues steady progress toward its ambitious 2030 objective. This would necessitate a
total expenditure of more than US$180 billion in car manufacturing and charging
infrastructure. Another research from the India Energy Storage Alliance (IESA), the Indian
EV market would develop at a CAGR of 36% through 2026. During the same time period,
the EV battery market is expected to develop at a CAGR of 30%.
Furthermore, in India, the amount of market maturity differs by state, based on factors such
as demography, income levels, regulatory landscape, and urbanization. The state of Uttar
Pradesh, for example, has witnessed strong acceptance of electric two-wheelers despite
having one of the lowest urbanization rates. Maharashtra, on the other hand, has the largest
penetration of electric three-wheelers and passenger automobiles due to its greater
urbanization rate. Because of the increased demand for electric buses and trucks, Delhi has
the largest electric commercial vehicle fleet.
In 2019, India's EV market consisted of only two electric car types. As a consequence,
between April 2019 and March 2020, just 0.15 percent of new passenger cars registered were
BEVs. However, as of the beginning of 2021, the India electric vehicle (EV) market consists
of around eight electric car types, providing additional alternatives for Indian consumers
interested in purchasing electric vehicles. Furthermore, electric vehicle prices are predicted to
fall during the projection period, allowing EVs to have a reduced Total Cost of Ownership
(TCO) when compared to conventional cars. This is anticipated to pave the path for electric
automobiles to enter the mainstream market.
India has been identified as one of the most important locations in the global automobile
sector. Several firms are constructing manufacturing plants in India aggressively. Dana TM4
Inc., for example, announced intentions to open a manufacturing plant in Pune, India, in
September 2020. Dana TM4 low- to high-voltage inverters, electric motors, and vehicle
control units would be manufactured in the new 4,600 square-meter plant. Meanwhile, Phase
II of the Indian government's Faster Adoption and Manufacturing of Electric Vehicles
(FAME) initiative aims to accelerate the adoption of electric vehicles while also developing
the manufacturing eco-system. The FAME scheme's Phase II would be executed through the
following verticals: encouraging EV demand; executing awareness efforts, including
publicity and information, education, and communication (IEC) operations; and developing a
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charging infrastructure.
In 2020, the BEV sector had the highest revenue share, accounting for around 96 percent of
the whole market. The segment's dominant market share can be attributed to customers' rising
preference for EVs over ICE cars, as well as regulations on vehicular CO2 emissions. BEVs
have the potential to considerably reduce vehicle emissions while also lowering total cost of
ownership in the long run. Battery technology advancements and falling lithium-ion battery
prices are also predicted to stimulate demand for BEVs throughout the projection period.
Over the projection period, the PHEV category is expected to grow at a CAGR of more than
105 percent. Plug-in Hybrid Electric Vehicles (PHEVs) are vehicles that employ an internal
combustion engine in conjunction with a low-range, High Voltage (HV) battery pack to
improve fuel efficiency. PHEVs feature a more powerful electric motor and a much larger
battery that can be recharged not just with an external source of power, but also with the ICE
and regenerative braking. As a result, PHEVs provide consumers with a versatile and
convenient mode of transportation.
The federal government is also pushing the transition to clean transportation, as seen by
recent changes to the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in
India (FAME) II plan to make electric two-wheelers more affordable. As of November 25,
2021, around 1,65,000 electric cars had been sponsored under phase two of the FAME plan
with a demand incentive of approximately INR 5.64 billion (US$75.16 million). Furthermore,
approvals have been granted under the scheme for 6,315 electrical buses, 2,877 EV charging
stations totaling INR 5 billion (US$66.63 million) in 68 cities across 25 states/Union
Territories, and 1,576 charging stations totaling INR 1.08 billion (US$14.39 million) across
nine expressways and 16 highways.
Figure 1.3: Regional Registered Sales in India
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This illustration showcases the regional EV registered sale in India. These data clearly imply
the government and other stakeholders in the market with regard to their progress and
contribution to this industry.
1.3 Indian government policies for the EV industry
1.1.1 Federal government policy

Several fiscal and non-fiscal initiatives have been implemented to encourage the use of
electric vehicles.
NEMMP (National Electric Mobility Mission Plan 2020): The Department of Heavy Industry
(DHI) announced it in 2013 as a roadmap for the speedier development and deployment of
EVs in India.
Phase I of FAME: The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
in India (FAME India) Scheme was notified in April 2015 as part of the NEMMP 2020 to
stimulate the production of electric and hybrid vehicle technologies. It has primarily
concentrated on four areas: demand generation, technological platforms, pilot projects, and
charging infrastructure. Incentives for demand generation have primarily taken the form of
lower purchasing prices.
Amendments to FAME Phase II: On June 11, 2021, the Ministry of Heavy Industry
announced further changes to the FAME II plan in order to increase customer demand for
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electric vehicles. The subsidy per electric two-wheeler (Indian-made), which is tied to battery
size, has been increased to INR 15,000 (US$204.60) per Kilowatt-hour (KWh) from INR
10,000 (US$136.40) KWh under the new policy. Furthermore, electric two-wheeler
producers can now offer consumers discounts of up to 40%, a major increase from the
previous ceiling of 20%. The FAME II plan requires these electric two-wheelers to have a
minimum range of 80 kilometres on a single charge and a peak speed of 40 kilometres per
hour.
Ministry of power: The Ministry of Power has stated that charging electric vehicles is
considered a service, which implies that running EV charging stations will not need a licence.
It has also created a policy on charging infrastructure in order to accelerate the adoption of
EVs. On January 14, 2022, the new unified Guidelines & Standards for Charging
Infrastructure for Electric Vehicles were released. These standards, which are exhaustive in
scope, contain provisions for a) individual EV owners and b) public charging station (PCS)
infrastructure. It addresses issues such as land use and access, power tariffs, state and federal
government roles, and timetables for delivering connection for PCS installation, among
others.
The Ministry of Road Transport and Highways: It is stated that green license plates would be
granted to both commercial and private battery-powered cars. It has also announced that all
battery-powered, ethanol-powered, and methanol-powered transportation vehicles will be
excluded from the commercial permit requirement.
The Department of Science and Technology: they have launched a large-scale competition to
define Indian Standards for Electric Vehicle Charging Infrastructure.
Niti Aayog: The cabinet has authorized the National Mission on Transformative Mobility and
Battery Storage, and the Mission's inter-ministerial steering group will be led by the CEO of
Niti Aayog. The Mission is to establish a five-year Phased Manufacturing Program (PMP) to
promote the establishment of large-scale, export-competitive integrated battery and cell-
manufacturing mega facilities in India, as well as the localization of production throughout
the full electric vehicle value chain.
1.1.2 State government policy
Over 27 states and UTs have developed mobility strategy plans to offer their inhabitants with
safe, inclusive, cost-effective, and environmentally friendly transportation alternatives. While
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certain states, such as Karnataka and Tamil Nadu, have a head start due to well-planned
public policies, targeted investment incentives, and support infrastructure, other governments
have also created policies to boost market demand and build infrastructure.
Few highlighting state policies are:
Delhi: The Delhi Government recently approved the usage of 1,000 low floor AC Electric
buses in the city's public transportation system. CCTV, an Automatic Vehicle Tracking
System (AVTS), panic buttons, and panic alarms are all standard features on buses. The
government would provide a subsidy of up to Rs 75 lakh or 60% of the cost of the bus,
whichever is less.
Tamil Nadu: With a Rs 100 crore investment, Dubai-based KMC company and Mauto
Electric Mobility will convert petrol-powered autorickshaws to electric vehicles, creating
5,000 job possibilities. During the chief minister's three-nation trip in September, the KMC
group and Mauto Electric Mobility inked a memorandum of understanding. The
Memorandums of Understanding (MoUs) were signed at an event organised by the Business
Leaders Forum (BLF), a joint effort of the UAE's Ministry of Economy and the Indian
Embassy in the UAE. The state government recently granted the units the required approvals
to begin the operation.
Karnataka: Karnataka's Electric Vehicle and Energy Storage Policy was passed in 2017. It
intends to attract Rs 31,000 crore in investment and generate around 55,000 jobs. The united
government has published its plan to transition the country to an all-electric vehicle market
by 2031 in order to minimise reliance on fossil fuels and lower the country's carbon impact.
Maharashtra: The Maharashtra government is aiming to increase EV use in the state by
exempting EVs from road tax and offering a 15% subsidy to the first lakh EVs registered in
the state. To develop appropriate infrastructure, the government suggested a maximum
subsidy of Rs 1 million ($15,549) per charging station, up to the first 250 charging stations
established in Maharashtra.
1.4 Taxation and subsidies on EV industry in India.
1.4.1 Direct Taxes

Under India's Income Tax laws, a car for personal use is classed as a status symbol/luxury
item, hence employed professionals do not earn additional tax benefits on automotive loans.
EV owners, on the other hand, can benefit from a recently introduced provision known as
Section 80EEB. Individuals who buy an EV on loan would be entitled for a Rs 1.5 lakh tax
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break on the interest levied on the mortgage amount under this provision. There are several
electric car models on the market, and as sales expand, some automakers aim to release
additional models. This tax break is applicable for both automobile and 2-wheeler electric
vehicle purchases. Section 80EEB is subject to certain restrictions.
This tax break is only available to one individual at a time. This means that only people who
have never previously purchased an electric car are eligible for a tax break under Section
80EEB on a loan. This discount is only available to people who are financing an electric car.
1.4.2 Indirect Taxes

Schedule I of Notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 specifies a 5%
GST rate for items. Sr. No. 242A (inserted with effect from 1-8-2019) of the aforementioned
schedule specifies the GST rate for electric cars classified under Heading No. 87 of the
Customs Tariff Act, 1975. In terms of GST, the GST rate for electric cars has been cut from
12% to 5% starting of 1-8-2019. In compared to past years, the GST on electric vehicles in
2022 is high. The reduction in the GST rate slab from 12% to 5% results in an upfront pricing
differential of Rs 8,000 to Rs 10,000 for EVs. This has reduced the price disparity between
EVs and gasoline-powered vehicles, which has been a barrier to the widespread adoption of
electric mobility. Between January and July 2022, 121,170 EVs were sold, compared to
119,647 units sold in the entire year of 2020. Such a dramatic increase in demand provides
the impetus required to expand India's manufacturing base for electric cars. Electric car
demand and supply in the country will continue to increase in the coming years. Poor
charging infrastructure and taxes on replacement batteries, crucial parts, and components
used in EV manufacturing are two challenges impeding the growth of the business. Spare
batteries are still subject to the 18% GST.
Table 1.1: GST rates EVs before and after August 2019
Figure 1.4: State-wise EV subsidies in India

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1.4.3 Subsidies
In India, the subsidy for electric vehicles was 20%, but it has now been boosted to 40%. The
FAME programme has funded 78,045 automobiles. Meanwhile, incentives for EVs in India
have been raised from 10,000 to 15,000 rupees per kWh. Because of the influence it has on
the transition to e-mobility, the FAME II programme has been extended through March 31,
2024.
Two-wheeler EV businesses have already reduced the on-road costs of electric scooters
priced between 1 and 1.5 lakhs. If an electric scooter with a battery capacity of 2kW fits into
the qualified category, it will earn an incentive of INR 30,000.
Considering the typical cost of ICE automobiles, the initial expense of purchasing an electric
car remains a big barrier to EV adoption in India. With recent supporting government policies
and electric car subsidy programmes for EV producers and end users, the transition to e-
mobility has become significantly more economical. Most states with approved EV policies
give incentives ranging from Rs 10,000 per kW to Rs 1,50,000 on electric vehicles.
Under the FAME II initiative, the Indian government has agreed to grant incentives to
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electric three-wheelers. Electric three-wheelers are also sponsored by both state and federal
regulations. More than 1015 e-rickshaws were sold with subsidies of Rs 5000/kWh, the most
in the three-wheeler category.
1.5 EV and Indian Stock Market
There are major EV players who are listed in the Indian stock market. They contribute
significant share in Indian EV industry. Few listed EV stocks are Tata Motors, Olectra
Greentech, JBM Auto, Ashok Leyland, SML Isuzu, Eicher Motors, and M&M are among the
top EV stocks in the commercial vehicle industry. State governments are seeking bids to
purchase electric buses for public transportation. This provides a significant order boost to
firms that manufacture electric buses, such as Ashok Leyland, JBM Auto, Olectra Greentech,
Tata Motors, and Eicher Motors. This is the most obvious option for investors looking to
capitalize on the EV potential. Choose vehicle manufacturers that produce EVs in the two,
three, and four-wheeler categories. Tata Motors is in the 4-wheeler sector, while TVS
Motors, Bajaj Auto, Hero MotoCorp, and Greaves Cotton are in the 2- and 3-wheeler
divisions, respectively. Amara Raja Batteries, Exide Industries, and Kabra Extrusion Technik
are the market leaders in battery segment. Despite the fact that Amara Raja and Exide have
the lion's share. Tata Power, Indian Oil Corporation (IOC), BPCL, Reliance Industries,
NTPC, and Power Grid Corporation are among the biggest listed corporations involved in
charging infrastructure. Tata Chemicals, Gujarat Fluorochemicals, Neogen Chemicals, and
the freshly listed Tatva Chintan Pharma are the leading stocks in the chemical industry. In
areas like as wiring harnesses, rearview mirrors, cockpits, bumpers, and more, Indian auto
accessory firms are collaborating with global competitors. Sona BLW Precision, Motherson
Sumi, Suprajit Engineering, Minda Industries, and Fiem Industries have all announced EV
technology acquisitions or are expanding their component business with an eye on the
worldwide market. Hindustan Copper is placing a large bet on electric vehicles to boost
demand growth. The production of electric vehicles will use four times as much copper as
typical internal combustion engines. This is good news for Hindustan Copper, NALCO, and
Hindalco, among others.
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1.6 Need for the study
This study helps in understanding the nuances of Indian EV industry. The world is leading to
transformation in achieving sustainable development goals. The society is concerned towards
environment and being responsive. This study is essential for apprehending the investment
behaviors in electric vehicle stocks in India. It is also further studied about the sentiment of
investor in consumption and investment in this sector. This research also attempts to
demonstrate an intense equity research by making a mutual fund of major players of EV
industry listed on Indian stock market. This is to understand on the extent of Indian investors
receptiveness towards future potential of EV industry.
1.7 Statement of Problem
Investors are aware of this new EV industry but are not able to understand the nuances of this
sector. The equity research of an investor is very limited to few companies. Many investor
portfolios have no stocks of EV-based companies in India. This sector has high potential, and
many investors are still unaware of the future scope and return of investment in this sector.
There is no adequate research study made on this sector and has no significant publications
made by the Indian researchers. In the mutual fund market, the funds comprising the Indian
EV stocks are not yet launched in the market. Thus, this proposed research attempts to
examine the Indian EV industry and its significance among Indian investors.
1.8 Scope of the study
This research takes the retail investors of the Indian stock market and are considered to
understand various dimensions of their perception and behavior towards EV funds and the
sector. This research focused on assessing the awareness of electric vehicle industry in India,
risk appetite of the investor and investor sentiment of the EV funds and the industry. This
research doesn’t study other than sentiments and behavior of retail Indian investors towards
EV funds and the sector. This study collected data from 255 investors across India through
Snowball sampling technique.
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1.9 Objectives of the study
 To design a composite EV sectoral fund.

 To assess the investor awareness of sustainable development goals and the EV
industry.
 To understand the risk appetite of the investor in this sector.
 To understand Indian investor behavior on EV sectoral fund.
1.10 Limitations of the study
The study does not precisely address the significant difference of behavior between investors
and non-professional investors in the EV industry. This paper does not study private equity
investors and venture capital investor sentiment. The listed EV companies on the Indian stock
market are considered while constructing the portfolio, and the other prominent unlisted EV
companies are not considered. The study doesn’t mention about the consumption pattern and
investment patterns in the EV sector. The study did not consider any current EV
infrastructure in India.
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Chapter 2
Review of Literature
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2.1 Introduction
We have reviewed various theoretical and quantitative literature related to Electric Vehicles
industry from various published journals, web publishing, blogs, and news articles. The
review of literature enabled us to gain knowledge and more insights into our research topic.
Reviewing the literature in the field of study of research is important because:
• It explains how the proposed research is linked to prior statistical research in the same
field of study.
• It demonstrates the originality and significance of our research problem. And how our
analysis is distinct from that of another researcher.
• It justifies our proposed methodology.
• It demonstrates our preparedness to complete the research.
2.2 Adoption of EVs across the world.
Khurana, Kumar, V.R, & Sidhpuria. (2020) examined the different factors affecting the
adoption of EVs in India. They studied by taking the population of existing car owners in
India. The data analysis was done through Structural Equation Modelling. Attitude is
considered as a strong mediator to understand the adoption of electric cars. Perception of
Economic benefits, Environmental Concern, Social Influence, Self-image, Attitude, and
Behavioral Intention are a few variables considered in this study. Perceived economic benefit,
environmental concern, social influence, and self-image are the independent variables. The
attitude is the mediation variable to test behavioral intention. The findings of this research
suggest that there is significance between Social Influence and behavioral intention to adopt
EV in India.it has also resulted that the perception of economic benefits is not related to BI to
adopt EV in India. As a result, all stakeholders must collaborate in order for EV to become
more widely adopted. To enhance acceptance, manufacturers, government agencies, dealers,
and salespeople should advertise the benefits of electric vehicles. To do so, they need to
demonstrate how EVs can reduce hazardous gases produced by internal combustion engines
in traditional automobiles, which could affect the ATT, which influences the BI.
Jones, Elliott, & Nguyen-Tien (2020). This paper highlights the CoMIT (Cost, Macro,
Infrastructure, Technology) model that is used to analyze the impact of mass EV adoption on
critical raw materials demand. This article also states that there is an increase in the
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consumption of a few metals such as cobalt and lithium for manufacturing. Also, there is a
shift in demand for copper, chrome, and aluminum. The result of this paper highlights the
prominence of China in the demand-driven area of the EV sector. The creative framework
CoMIT is presented in the paper. predicts the size and scope of this fundamental upheaval, as
well as the ramifications for raw materials marketplaces. It includes a comprehensive
framework for assessing these significant market dynamics by examining the role of key
economic, scientific, policy, and social variables driving the EV transformation, and it can be
modified as new data becomes available and policies and technology change. The findings of
this study emphasize the interdependence of electric transportation and the mining,
metallurgy, and manufacturing industries. This is owing to the very different, and frequently
more extensive, utilization of raw goods in the development of these innovations.
Kang, Ren, Feinberg & Papalambros, (2016). This article sets out a framework that links
actions made by the three stakeholders (government, EV manufacturer, and recharging station
owner) to drive public preferences. The goal is to provide a methodology that can be used to
quantify the impact of government spending on the electric vehicle market. This is
demonstrated in three situations in which we compare optimum public investment for a city
in the United States (Ann Arbor, Michigan) and one in China (Beijing) in order to reduce
emissions while allowing for consumer preference revealed from surveys done in both
countries. High customer price sensitivity, combined with manufacturer and charging station
operator profit maximization strategies, can render government EV subsidies ineffective,
according to the framework's modeling assumptions, whereas stakeholder collaboration can
achieve both emission reduction and profitability.
Government investment effect on EV adoption appears to wane when EV and station designs
improve beyond a certain level, owing to dwindling customer desire to buy. However, the
research reveals that a diverse government investment portfolio, with charging prices and
license plate fee reductions as essential as EV subsidies, might be highly beneficial in the
Chinese market. The following are the two primary methodological accomplishments of this
study: (1) They added a service component (charging stations) to an EV innovation adoption
and policy framework, demonstrating that taking charging station decisions into account is
crucial for understanding the existing market and implementing appropriate public policies.
(2) They analyzed two marketplaces with differing customer preferences, market shares,
policy, and power infrastructure (prices), and then demonstrated how these variables
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influenced the best public policies and technical designs.
2.3 EV funds and stock market reactions
Ba, Lisic, Liu, & Stallaert, (2012). They studied the stock market reaction to announcements
of global green vehicle innovation over a 14-year time span (1996–2009) using the event
study methodology. They have shown that when manufacturers disclose environmental
advancements, the stock market typically reacts positively, which is consistent with previous
research on the economic impacts of innovation disclosures. The findings show that key
green product development decisions like innovation type and business segment selection
have a direct impact on a company's market value. After accounting for business size,
leverage, profitability, R&D intensity, and oil price variations, the same findings persist.
Kriplani, (2021, October 22). said that SEBI has received applications from three mutual
funds for electric car funds. Navi Electric Vehicles and Driving Technology Fund of Funds,
Mirae Asset Electric Autonomous Vehicle ETF Fund of Funds, and Nippon India S&P EV
Index Fund are three of them. He also states at this moment, an electric car and autonomous
driving fund would allow investors to participate in a trend with a long runway for growth
because it is still in its infancy. However, he mentions that there are already encouraging
signals of potential development, adds to be sure, electric vehicle funds may wind up owning
traditional automaker equities, since several of the world's largest automakers are currently
devoting major resources to the development of electric vehicles. Companies are still
producing automobiles with internal combustion engines, but some of the world's most well-
known brands are now concentrating their efforts on EV production. In addition, he explains
that the underlying funds hunt for development possibilities in auxiliary industries that cater
to electric vehicles, such as semiconductors and batteries, in various regions of the world.
The Mirae Asset Electric & Autonomous Vehicles ETFs Fund of Fund will put money into
the Global X Autonomous and Electric Vehicle ETF – DRIV, the Global X Lithium and
Battery Tech ETF, and the Global X China Electric Vehicle and Battery ETF. The fund house
hasn't made a final decision yet. The DRIV will also put money into self-driving car
technologies. Global X ETFs, situated in the United States, has created exchange-traded
funds on a variety of topics and is part of the Mirae Asset Financial Group.
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2.4 Indian EV industry
Dhoke, (2021, September 21). speaks about the automobile industry that is undergoing a
transition and striving to migrate to alternative intensive choices such as electric vehicles in
order to alleviate a load of escalating pollution, oil import shortages, and full international
obligations to combat global climate change. To achieve its worldwide commitment and
reduce the negative impact of automobiles rising oil import expenditures and increasing air
pollution, the government is eager to change the narrative toward electric vehicles. The PLI
plan aims to encourage the production of high-value innovative automotive technology cars
and products, particularly green automobiles. The electric car industry has gained popularity
internationally, and many investors are eager to participate in it directly or through mutual
funds. Furthermore, while the electric vehicle business is on the rise, investors may take
advantage of a long-term investment opportunity. As a result of environmental concerns,
many businesses are adjusting to environmentally friendly options, one of which is the usage
of electric cars. He mentions that the India's EV sector is now being driven by leading
businesses such as OLA Electric Mobility Pvt, Ather Energy, and Mahindra Electrics, which
are quickly expanding their market presence. Environmental issues, societal issues, and ways
to reduce environmental concerns have all become more widely known. Investors are also
showing a strong interest in mutual funds with environmental themes, such as the ESG theme
and the most recent Electric Vehicle theme.
Upadhyay, (2021, August 23). states that India has approved 100 percent foreign direct
investment in the electric vehicle sector. With a huge customer base, soaring buyer interest,
and a wide geographical footprint, India has emerged as the preferred investment location and
undiscovered industry for international and domestic EV makers. To maintain investor
interest and encourage money inflows into the EV industry, tax breaks, simple accessibility
of industrial land for EV facilities, single-window clearing systems for giving licenses and
permits, and an investor-friendly regulatory system will be critical. Companies may be
granted tax breaks and other financial incentives to encourage R&D investment in the
development of a thriving fast-charging infrastructure. In India, the electric vehicle market is
at a crossroads. The government's investor-friendly and customer-centric policy initiatives, as
well as investors' favorable market attitudes, would be critical in putting India's electric
vehicle sector on a high-growth path.
20
Kanika, Singh, & Jain. (2020, December). The authors substantiate that OEMs can invest
INR 12,39,800 crore (USD 177 billion) in automobile manufacturing, INR 20,600 crore
(USD 2.9 billion) in charging infrastructure deployment, INR 85,900 crore (USD 12.3
billion) in battery production, and INR 14,42,400 crore (USD 206 billion) in income from
end-consumers through EV sales. The amount of money required to finance India's mobility
transformation is massive, and mobilizing that money to fund OEMs, battery manufacturers,
supercharger infrastructure, and end-users will necessitate targeted and system-wide policy
support as well as changes in market design, marketing strategies, and financial constructing.
Invest in Indian Electric Mobility Industry | FDI & Compa. . . (n.d.).The automobile industry
accounts for 49 percent of India's manufactured GDP and 7.1 percent of the country's overall
GDP. The government's second AMP (Automotive Mission Plan) lays out the strategy for
elevating the automotive industry to world-class standards. In 2015, India agreed to cut the
emission intensity of its gross domestic product (GHG emissions per unit GDP) by 33 percent
to 35 percent by 2030, compared to 2005 levels. The government is eager to change the
narrative towards electric vehicles in order to satisfy its global commitment and offset the
negative impact of automobiles (raising oil import costs and increasing air pollution). By
2023, India's electric car market is anticipated to be worth $2 billion.
2.5 Indian EV stocks and equity research
Ranjan, (2021, July 30). have researched on few listed EV companies such as Greaves Cotton
makes engines and engine systems, as well as trading power tillers, engine spares, electric
cars, and phases of construction. GCL has a market share of 60–65 percent in the 3W diesel
car sector. Over 30 Indian device manufacturers rely on GCL motors (OEMs). Sheet metal
parts, equipment, die, and molds, among many other things, are made and marketed by JBM
Auto Ltd. In addition to handling bus service agreements, it also builds buses, as well as their
replacement parts and accessories. Ashok Leyland, the flagship firm of the Hinduja group,
has a rich history in the domestic heavy and medium company truck (M&HCV) market. The
firm has a well-known brand and well-diversified marketing and network that spans the
country. They have trained over 8,00,000 drivers across India through their driver training
institutions. They debuted India's first electric buses and Euro 6 compliant automobiles in
2016. They're actively focusing on extending their electric vehicle line-up. Exide Industries
21
Ltd specializes in the manufacture of battery storage and associated items.
The company is India's largest storage battery producer, with a monopoly on almost every
class in the automobile, commercial, and undersea industries. Currently, the automobile
industry contributes 73 percent of the segment's sales, with industrial (26 percent) and
submarine (23 percent) following closely behind (3 percent).
Kulkarni, (2021, October 6). highlights Mahindra as a leader in the development of electric
cars in India. The Mahindra Reva, the company's first electric vehicle, was unveiled in 2001,
making it the first major EV manufacturer. It has extended beyond consumer and corporate
demands to embrace a wide range of other market sectors with the EV production operation
in Bangalore. Mahindra & Mahindra Limited is projected to manage future electric vehicle
expansion, notably in terms of battery development. Mahindra has released two new compact
urban electric car models, the Mahindra e2o and Mahindra e2o Plus.
Kulkarni, (2021, October 6). Also highlights Tata Motors had developed ZAPTRON, a one-
of-a-kind technology that generates electricity through dynamic braking and regenerates the
battery while the vehicle is moving. The Tigor electric car, Nano electric vehicle, and Tiago
electric car are currently available from Tata Motors. It is expected to dominate the EV
business as it increases its R&D internationally and in India. Tata Motors also manufactures a
huge number of heavy-duty hybrid vehicles, garbage trucks, and armed vehicles. Minda
Industries Limited, the cornerstone firm of the N.K. Minda Group is among India's most
diverse auto parts manufacturers. It is a tier-one provider of unique automobile solutions to
OEMs as well as a technological leader in the automotive parts industry. It is the first
company to offer electric car makers with automotive components. This has received orders
for mobility components for electric vehicles. It focuses mostly on research and development
and has a long list of notable electric car clients.
Kulkarni, (2021, October 6). Bharat Forge has formed a new company named Kalyani
Powertrain to concentrate on the electric car market. The company's stock has surged by 65
percent in the last year. Furthermore, with help of Tork Motors, a Pune-based electrical
motorbike startup in which Bharat Forge holds a 49 percent ownership, it plans to build
electric two- and three-wheelers. The first version is planned to be released in 2022.
22
Kulkarni, (2021, October 6). EV-related equities include Himadri Specialty Chemical,
Hindalco Industries, Hindustan Copper, and JBM Auto Ltd. These stocks are both direct and
indirect beneficiaries of the EV potential.
Makwana, (2021, September 9). explains that Motherson Sumi has increased by 92 percent.
The global clientele has placed good orders in this area for the organization. According to the
company's FY21 annual report, Sam Vardhana Motherson Automotive System Group has at
least 25% of new EV orders. Clients include the Daimler Group, Audi, and Volkswagen.
Motherson Sumi, according to ICICI Direct Research, is mainly unaffected by the worldwide
chip shortage, and the prognosis remains positive. Tata Power, a power distribution business,
has joined the electric vehicle industry by planning to install charging stations at state-run
Hindustan Petroleum Corp's (HPCL) gasoline retail stores across the country. The firm is
active in all aspects of the electric vehicle ecosystem, including public charging, captive
charging, residential, office charging, and ultra-rapid bus chargers. It boasts over 500 public
charging stations in over 100 cities, including gas stations, subway stations, retail malls,
theatres, and roads. Sona BLW Precisions, a supplier of components to significant vehicle
firms such as Ashok Leyland and Maruti Suzuki, as well as Volvo and Jaguar Land Rover,
has seen its shares rise on speculation that it may benefit from Tesla's arrival into India.
Olectra Greentech, a Hyderabad-based electric bus and insulator manufacturer, has made a lot
of money for investors in the previous year. In the last year, the stock has increased by 454
percent.
Equitymaster Views on News. (2021, September 6). This article suggests various ways of
researching EV stocks a) buying the EV makers: under the four-wheeler segment, the stocks
are Mahindra Mahindra, Tata Motors, Maruti Suzuki. The major players in the two-wheelers
segment are Hero MotoCorp, TVS Motors, Greaves Cotton, and Bajaj Auto. commercial
segment Ashok Leyland, Eicher Motors, Atul Auto b) adding battery makers: Carborundum
Universal, Thermax, NALCO, GOCL, Amara Raja Batteries, Tata Chemicals, Himadri
Specialty Chemicals, Exide Industries, BHEL, Bharat Electronics. c) charging infrastructure
providers: Tata Power, Indian Oil Corporation (IOC), NTPC, Power Grid Corporation,
Vakrangee, ABB India.
Leidig, (2021, May 7). He substantiates those millennials adore electric automobiles, and
23
Tesla is one of the most popular. This is not surprising, given Tesla’s prominence in the press
over the last year or two, particularly in the context of electric vehicles. And the company's
Cybertruck launch boosted the company's profile, as well as that of its celebrity-status creator
and CEO, Elon Musk. This article gives an overview of ESG investment which is a
contemporary avenue in youth. This is practiced as a passionate method of investment where
the sentiment is completely positive on Electric vehicles and the allied industries.
2.6 EV and investments in India.
E.T Auto. (2021, August 13). The below table is an account of inflows of investment into
electric vehicle companies in India. This can denote the significant inflow of money in
developing the products and services in the market. Start-ups are being enthusiastic and
attracting venture capitalists to invest in their unique and innovative start-ups. Few listed
companies are also there in the table representing the presence of their development in the EV
market in India.
Table 2.1: EV space investment in India
24
2.7 EV sector and Indian governmental policies
Goswami, (2021, November 8). He mentions in his article that within two years, the cost of
an electric vehicle will be comparable to that of a gasoline vehicle. EVs are already subject to
a 5% GST, and the cost of lithium-ion batteries is falling. Furthermore, the government has
already enacted legislation permitting gas stations to install EV charging stations. In two
years, India will have a large number of charging stations. In the country, electric mobility is
gaining traction. There is no need for an artificial push. A petrol-powered car costs $10 per
kilometer, a diesel vehicle costs ₹7 per kilometer, and an electric vehicle cost ₹1 per
kilometer.
Smallcase.Zerodha. (2021, November). This article states some facts on India's EV revolution
that began with the introduction of the National Electric Mobility Mission Plan (NEMMP-
2020), which encouraged the usage and manufacturing of electric cars. The NEMMP-2020
was created with the goal of creating an ecosystem for electric cars in India, with the goal of
selling 60 lakh hybrid and electric vehicles by 2020. The government launched the FAME II
initiative in Budget 2019, an ambitious extension of the first scheme with a total commitment
of ten billion rupees over three years. While 500 crores have been set aside for the 2019-20
fiscal year, 693 crores have been set aside for the 2020-21 fiscal year. The government plans
to assist the sale of 10 lakh electric two-wheelers, 5 lakh electric three-wheelers, 55,000
electric four-wheelers, and 7,000 buses under this scheme during the next three years, till
2022. It also intends to utilize the funds to encourage the construction of the necessary
charging infrastructure, with a goal of 2,700 stations nationwide by 2022. There is presently a
thriving electric vehicle ecosystem being built across the country. It may have taken 6-7 years
for the EV sector to reach a crucial stage where it is not just generating competitive and
appealing goods, but customer demand is also increasing.
CNBCTV18.com. (2021, October 21). This news article addresses about the government has
cutting the GST component on electric vehicles to 5%. Four-wheel EVs can earn a maximum
subsidy of Rs 1.5 lakh under the Faster Adoption and Manufacturing of Hybrid and Electric
Vehicles (FAME-II) programme, while two-wheelers can get a subsidy of up to 40% of their
25
purchase price. For instalments made toward the purchase of an EV, first-time purchasers can
claim tax savings of up to Rs 1.5 lakh under Section 80EEB of the Income Tax Act. Most of
these states also exclude electric vehicles from paying road fees as part of their EV policy.
2.8 EV industry and its growth
Walton, Hamilton, Alberts, Smith, Day, & Ringrow (2020, July). They designed and
formulated that four factors driving EV growth a) Consumer attitudes are shifting: Consumer
demand will drive EV expansion, however, there are various reasons why customers haven't
switched from ICE vehicles to similar EVs yet. EVs, on the other hand, is becoming a more
practical and feasible choice as the hurdles to adoption are swiftly reduced. b) Legislation and
policy: The country intends to play an essential role in encouraging the use of electric
vehicles. c) Targets for fuel economy and emissions: These vary by market, and governments
are always reviewing and consulting on them. According to a recent Deloitte report, the
phasing-in of new European CO2 emission limits, which will be completely implemented in
2021 and include hefty fines, would have a positive impact. d) Restricted access to the city:
Cities has been at the forefront of enacting bans or punitive fees on users of outdated
combustion engines, in response to rising worries about hazardous air pollution.
Walton, Hamilton, Alberts, Smith, Day, & Ringrow. (2020, July). They also present certain
facts and forecasts for the next 10 years, the worldwide EV projection predicts a compound
annual growth of 29%: Total electric vehicle sales are expected to rise from 2.5 million in
2020 to 11.2 million in 2025, and then to 31.1 million by 2030. In terms of new car sales,
EVs would account for around 32% of the overall market. Annual automobile sales will not
return to pre-COVID-19 levels until 2024.
2.9 EV sector and its infrastructure
Acko, (2021, July 29). This article gives an insight while electric automobiles have fewer
moving components than petrol or diesel cars, the lithium-ion battery is the costliest
component. They account for more than half of the car's cost, and repairing or replacing them
is expensive. Before they underperform or stop performing, batteries that power electric
automobiles have a shelf life or an expiration date. It's possible that you'll have to
continuously replacing the batteries for a while. Replacement expenses are greater due to the
high cost of lithium-ion batteries. Because of the high cost and complexity of the automotive
26
parts, electric cars need a high level of maintenance. To maintain or repair an electric car,
highly qualified mechanics are required.
Acko, (2021, July 29). While the rate for Comprehensive Car Insurance is set by the industry
regulator, the Insurance Regulatory and Development Authority of India, the premium for
Third-Party Car Insurance is set by the industry regulator, the Insurance Regulatory and
Development Authority of India (IRDAI). To encourage the adoption of environmentally
friendly EVs, IRDAI has offered third-party motor insurance prices for EVs at a 15%
reduction compared to petrol or diesel-powered private automobiles. Here are the rates for
third-party electric car insurance dependent on the vehicle's battery capacity.
E. (2021, December 9). The market for electric vehicle charging stations is expected to reach
$29.7 billion by 2027, with a CAGR of almost 40% between 2020 and 2027. In order to
accelerate the adoption of electric vehicles in India, the government plans to deploy up to
70,000 EV chargers over the next few years. The job has already begun. Using the 70,000 gas
pumps, at least 22,000 electric vehicle charging stations will be installed. Oil firms such as
Indian Oil Corporation and BPCL have already committed to installing 17,000 electric
vehicle charging stations via their outlets. To take advantage of this potential, businesses are
partnering with startups. Hero Electric has previously announced a one-lakh charging station
partnership with a Bengaluru-based EV charging startup.
Tu, & Yang, (2019). The biggest weights are given to self-control capacity and external
influence, implying that consumers place the most emphasis on these two characteristics. EVs
have established a new development trend for the vehicle industry by becoming a part of a
worldwide growing sector. Customers must gradually accept and welcome the new trend
because of the crucial role that EVs play. Consumers, on the other hand, typically have a
cautious attitude toward new items owing to a lack of necessary knowledge, which means
they will not buy them until these uncertainties are resolved. Manufacturers should take
appealing initiatives to suit customer requirements in order to increase EV adoption in the
future.
Deshpande, (2021, August 4). one of the key reasons why customers often abstain from
acquiring EVs is due to a lack of charging infrastructure. The present high price of EVs is a
27
key source of anxiety among potential buyers. Electric cars in the same segment tend to be
more expensive than lower-end (internal combustion engine) ICE automobiles. With the
latest announcement of subsidies, however, the price of EVs in the two-wheeler market is
expected to fall. Due to lower mileage, EVs are currently not cost-competitive in India for the
ordinary consumer, since internal combustion engine (ICE) vehicles are more cost-effective.
Increased reliance on imports is one of the contributing causes is the reliance on imported
batteries and other components.
2.10 EV and sustainability
Tu, & Yang (2019). Consumers feel that electric vehicles have a good influence on the
environment and that objective information is reliable. They believe there is no discernible
difference between the operation modes of electric vehicles and regular automobiles. Electric
cars, on the other hand, being a new sort of green technology product, have a better driving
operation than regular automobiles. They also feel that the amount of electric car charging
stations will influence their buying decision. The price and longevity of batteries, according
to consumers, will influence their buying decision.
editor. (2020, December 9). Embracing Electric Cars. Electric vehicles (EVs) are closely
associated with the United Nations' worldwide Sustainable Development Goals (SDGs),
particularly SDG 7: Clean Energy, and open the path for action on SDG 13: Climate Action
for a Low-Carbon Future.
28
Chapter 3
Research Methodology
29
3.1 Introduction
The following text describes the research methodology, theory, and logic that will be used to
gather data and draw conclusions about the Electric vehicle funds and Investor sentiment in
India. Even to achieve our research, the research is made and designed in accordance to the
objectives of research in understanding the investor awareness, risk appetite and sentiment of
the investor. The research also attempts to draw a relationship between the gender, age,
duration of investment with the independent variables in the research. Thus, research
methodology includes research design, data collection method, sampling size, method of
sampling, variable description and tools that will be used for data analysis and the hypothesis
to be tested to meet the objectives of the study.
3.2 Research Design
This study employed correlational research attempts to determine the extent of a relationship
between two or more variables using statistical data. In this type of design, relationships
between and among a number of facts are sought and interpreted. This type of research will
recognize trends and patterns in data. This research study is a quantitative research study,
where primary data source will be used to analyze and achieve research objective. We intend
to address the trend of EV sector and investor sentiment in India. It employs deductive
reasoning, in which the researcher formulates a hypothesis, collects data during a problem
investigation, and then uses the evidence from the study, after analysis and conclusions have
been communicated, to establish the hypotheses are true or incorrect.
3.3 Data Collection
To test the result of the research, it essential to collect substantiate data to analyse and make
findings in the research. The data is collected in accordance to the objectives of the research.
The data is an essential key factor to conduct a study on proving the research objectives. The
data is collected through a primary source of data. Primary data collection is the process of
gathering data through surveys, interviews, or experiments. This research intended to use
survey method by designing a structured questionnaire and collected from the target
population. The questionnaire consisted set of questions asking the areas of Investor
awareness of EV sector, Risk appetite of the investor and their sentiment on investment. The
30
Age, Gender, Duration of investment are the demographics collected from the population.
3.4 Sampling Design
As the research is oriented towards understanding the sentiment from the Indian investors, the
data is collected from and designed a sample population representing all the investors across
India. The population comprises 255 Indian investors in the Indian stock market. A structured
questionnaire is circulated among investors to understand their perception, awareness and
sentiment on EV sector. However, Snowball sampling technique was used to collect the data
from the population. In this non-probability sampling technique in which the samples have
traits that are rare to find. This is a sampling technique, in which existing subjects provide
referrals to recruit samples required for a research study. This sampling method involves
a primary data source nominating other potential data sources that will be able to participate
in the research studies. Snowball sampling method is purely based on referrals and that is
how a researcher is able to generate a sample. Therefore, this method is also called the chain-
referral sampling method.
3.5 Variable description
a) Independent Variables: The demographics of investor identified in the research such as

Gender, Age, Duration of the investment are considered as dependent variables since the
relationship and the significance of the research is studied with these variables.
b) Dependent Variables: The questions are subdivided into three categories and have been
recognized as independent variables. The categories are as follows: (i) Electric Vehicle
Industry Awareness (ii) Risk appetite of the investor (iii) investor sentiment in EV funds.
31
Table 3.1: Independent Variables
INDEPENDENT VARIABLES
Variables Description
Gender This broadly has two categories: Male and Female

This is divided in five interval categories: a) 18-25,
Age b) 25-35, c) 35-45, d)45-55, 55 and above
The term of investment is considered here as: a)
Duration of investment short term, b) medium term c) long term
Table 3.2 Dependent Variable
DEPENDENT VARIABLES
Variables Description
This concerned with the awareness of EV sector,

knowledge of EV stocks, fundamental aspects of EV sector
Electric Vehicle awareness and concern for environment and green investments.
This is concerned with the investors behavior with risk and

return in this sector and also with respect to index returns,
Risk appetite growth of stocks in this sector.
This is concerned with the investment in separate equity or

Investor Sentiment in EV EV funds, Time saving strategies and investment,
funds and sector sentiment on EV infrastructure.
3.6 Operational Definitions
a) Electric Vehicle: An electric vehicle (EV) is a type of automobile that is propelled by one
or more electric motors. It can be powered by a collector system that uses electricity from
outside the vehicle, or it can be self-powered by a battery (sometimes charged by solar
panels, or by converting fuel to electricity using fuel cells or a generator). Road and rail
vehicles, surface and underwater watercraft, electric airplanes, and electric spacecraft are all
32
examples of electric vehicles.
b) PHEVs (plug-in hybrid electric vehicle): A plug-in hybrid electric vehicle (PHEV) is a
hybrid electric vehicle with a battery pack that can be recharged both internally and
externally by inserting a charging cable into an external electric power source, as well as by
its on-board internal combustion engine-powered generator. The majority of PHEVs are
passenger cars, but they also come in commercial and van variants, utility trucks, buses,
trains, motorbikes, mopeds, and even military vehicles.
c) BEVs (battery electric vehicle): A battery electric vehicle (BEV), also known as a pure
electric vehicle, only-electric car, completely electric vehicle, or all-electric vehicle, is an
electric vehicle that relies only on chemical energy stored in rechargeable battery packs for
propulsion (e.g., hydrogen fuel cell, internal combustion engine, etc.). Internal combustion
engines (ICEs) are replaced with electric motors and motor controllers in BEVs.
d) FCEVs (fuel cell electric vehicles): Hydrogen is used to power fuel cell electric vehicles
(FCEVs). They are more fuel efficient than traditional internal combustion engines and
release no tailpipe emissions—only water vapor and warm air.
e) CAGR (compounded annual growth rate) The compound annual growth rate (CAGR) is
the rate of return (RoR) necessary for an investment to increase from its initial balance to its
final balance, providing profits are reinvested at the conclusion of each period of the
investment's life span.
f) SDGs (Sustainable Development Goals): The Sustainable Development Goals, often
known as the Global Goals, are a set of 17 interconnected global goals aimed at providing a
"blueprint for a better and more sustainable future for all." The United Nations General
Assembly established the SDGs in 2015, with the goal of achieving them by 2030.
3.7 Tools used in the analysis
The questionnaire was drafted in a google form and was sent across Indian investors. The
data is then collected and transferred to Microsoft Excel to codify the responses. The analysis
of the variables, SPSS (Statistical Package for the Social Sciences) is used for the data
analysis. The tools used in the analysis are descriptive statistics (mean, standard deviation)
and inferential statistics (Independent T test, Chi-Square test, Spearman’s Rank Correlation).
33
3.8 Hypothesis for the study
Analysis 1: To test significant association between gender and investor’s Electric vehicle
industry awareness.
H0 (Null Hypothesis): There is no significant difference in investor’s Electric vehicle industry
awareness among gender.
H1 (Alternate Hypothesis): There is significant difference in investor’s Electric vehicle
industry awareness among gender.
Analysis 2: To test significant association between age and investor’s Electric vehicle
industry awareness.
awareness among different age.
H1 (Alternate Hypothesis): There is a significant difference in investor’s Electric vehicle
industry awareness among different age.
Analysis 3: To test significant association between duration of investment and investor’s

Electric vehicle industry awareness.
awareness on duration of investment
industry awareness on duration of investment
Analysis 4: To test significance between research on fundamental aspects of EV sector and

willingness to investment.
H0 (Null Hypothesis): There is no relationship between investors research of fundamental
aspects of EV and their willingness to invest in this sector.
H1 (Alternate Hypothesis): There is a relationship between investors research of fundamental
aspects of EV and their willingness to invest in this sector.
Analysis 5: To test significant association between gender and investor’s risk appetite.
H0 (Null Hypothesis): There is no significant difference in investor’s risk appetite among
gender.
H1 (Alternate Hypothesis): There is significant difference in investor’s risk appetite among
34
gender.
Analysis 6: To test significant association between age and investor’s risk appetite.
different age.
H1 (Alternate Hypothesis): There is a significant difference in investor’s risk appetite among
different age.
Analysis 7: To test significant association between duration of investment and investor’s risk
appetite.
H0 (Null Hypothesis): There is no significant difference in investor’s risk appetite on duration
of investment.
H1 (Alternate Hypothesis): There is a significant difference in investor’s risk appetite on
duration of investment.
Analysis 8: To test the significance between investors expectation of high growth in sector
and expectation of higher returns over index returns.
H0 (Null Hypothesis): There is no relationship between investor growth expectations and
investor’s expectations on higher returns over index returns.
H1 (Alternate Hypothesis): There is a relationship between investor growth expectations and
investor’s expectations on higher returns over index returns.
Analysis 9: To test the significance with the gender group and investor’s sentiment on EV
funds and the sector.
H0 (Null Hypothesis): There is no significant difference in investor’s sentiment of EV funds
and industry among gender.
H1 (Alternate Hypothesis): There is significant difference in investor’s sentiment of EV funds
Analysis 10: To test the significance with the age group and investor’s sentiment on EV
funds and the sector.
H0 (Null Hypothesis): There is no significant difference in investor sentiment on EV funds
35
and sector among different age.
H1 (Alternate Hypothesis): There is a significant difference in investor’s sentiment on EV
funds and sector among different age.
Analysis 11: To test the significance with the duration of investment and investor’s sentiment
on EV funds and the sector.
H0 (Null Hypothesis): There is no significant difference in investor’s sentiment on EV funds
and sector on duration of investment.
funds and sector on duration of investment.
36
Chapter 4 Data Analysis and
Interpretation
37
4.1 Descriptive Statistics
4.1.1 Awareness of sustainable development goals

Figure 4.1: Awareness of sustainable development goals
Source: primary data collection

Interpretation: In the population, 89.4% (228 respondents) of the population are aware of
sustainable development goals launched by UNO (United Nations Organization) and 10.6%
(27 respondents) of the population are unaware of SDGs. This implies that the maximum of
the population is aware of sustainable development goals.
4.1.2Term of investors in the population

Figure 4.2: Term of investors in the population

Interpretation: 42% population (107 respondents) are long term investors, 25.9% (66
respondents) population are medium term investors and 32.2% (82 respondents) are short
38
term investors.
4.1.3 Investor’s interest on adding EV stocks to their portfolio.

Figure 4.3: Investor’s interest on adding EV stocks to their portfolio.

Interpretation: 51% (130 respondents) of the investors are strongly interested to add EV
stocks to their portfolio, whereas 40% (102 respondents) of population is still unsure on their
investment in this sector due to various personal factor conditions. The 9% (23 respondents)
of the population are not interested to add stocks to their portfolio.
4.1.4 EV stocks proportion of investment by the investor in their portfolio.

Figure 4.4: EV stocks proportion of investment by the investor in their portfolio.

Interpretation: 32% (72 respondents) of the investors would like to add 10-20% of the EV
39
stocks in their entire portfolio. 23.1% (52 respondents) of the investors would like to add 1-
10% of the EV stocks in their portfolio. 22.2% (50 respondents) of the investors would like to
add 20-30% of the EV stocks in their portfolio. 22.6% (51 respondents) of the investors are
highly bullish on this sector and are prepared to add above 30% of the EV stocks in their total
portfolio.
4.1.5 Descriptive statistics on investor’s Electric vehicle industry awareness

Table 4.1: Descriptive statistics on investor’s Electric vehicle industry awareness
Descriptive Statistics
Bootstrapa
95% Confidence
Interval
Statistic Bias Std. Error Lower Upper
EVA1 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 4.27 .00 .06 4.15 4.37
Std. .898 -.003 .060 .776 1.009
Deviation
EVA2 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.80 .00 .06 3.67 3.92
Std. 1.077 -.004 .047 .981 1.160
Deviation
EVA3 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.39 .00 .07 3.24 3.54
Std. 1.214 -.005 .039 1.130 1.289
Deviation
EVA4 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.26 .00 .07 3.11 3.40
Std. 1.211 -.005 .041 1.124 1.291
Deviation
Source: retrieved from SPSS
40
Interpretation
EVA1: I support green investments and am willing to do it.
This question gives us the perception of investor on their supportiveness to green
investments and their willingness to invest in it. The minimum (1 signifies Strongly
Disagree) and maximum (5 signifies Strongly Agree) is the scale used to determine the
response of the question. The mean of the responses from the investors is computed at 4.27
and it implies that most of them agree and strongly agree to support green investments and
willingness to invest in them. Standard deviation is a measure of data dispersion in
proportion to the mean. Data are grouped around the mean when the standard deviation is
low, while data are more spread out when the standard deviation is large and the standard
deviation is computed at 0.898 and implies that it is more spread out and has high deviation
from the mean.
EVA2: I am well aware of EV sector in India

This question gives us the perception of investor on their awareness of EV sector in India.
The minimum (1 signifies Strongly Disagree) and maximum (5 signifies Strongly Agree) is
the scale used to determine the response of the question. The mean of the responses from
the investors is computed at 3.80 and it implies that most of them agree and are above
neutral with regards to the extent of awareness of EV sector in India. Standard deviation is
a measure of data dispersion in proportion to the mean. Data are grouped around the mean
when the standard deviation is low, while data are more spread out when the standard
deviation is large and the standard deviation is computed at 1.077 and implies that it is
more spread out and has high deviation from the mean.
EVA3: I have knowledge of stocks in EV sector.

This question gives us the knowledge of investor on EV stocks in India. The minimum (1
signifies Strongly Disagree) and maximum (5 signifies Strongly Agree) is the scale used to
determine the response of the question. The mean of the responses from the investors is
computed at 3.26 and it implies that most of them are above neutral with regards to the
extent of knowledge of EV stocks in India. Standard deviation is a measure of data
dispersion in proportion to the mean. Data are grouped around the mean when the standard
deviation is low, while data are more spread out when the standard deviation is large and
the standard deviation is computed at 1.214 and implies that it is more spread out and has
41
high deviation from the mean.
EV4: I have researched all the fundamental aspects of EV sector in India.

This question gives us the knowledge of investor on the extent of their research in the EV
sector such as infrastructure, companies, government policies etc. in India. The minimum
(1 signifies Strongly Disagree) and maximum (5 signifies Strongly Agree) is the scale used
to determine the response of the question. The mean of the responses from the investors is
computed at 3.39 and it implies that most of them are above neutral with regards to the
extent of research on fundaments of EV sector in India. Standard deviation is a measure of
data dispersion in proportion to the mean. Data are grouped around the mean when the
standard deviation is low, while data are more spread out when the standard deviation is
large and the standard deviation is computed at 1.211 and implies that it is more spread out
and has high deviation from the mean.
4.1.6 Descriptive statistics on investor’s risk appetite

Table 4.2: Descriptive statistics on investor’s risk appetite
Bootstrapa
95% Confidence
Interval
RA1 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.42 .00 .06 3.29 3.55
Std. 1.029 -.004 .043 .944 1.109
Deviation
RA2 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.51 .00 .06 3.39 3.63
Std. .957 -.004 .037 .882 1.025
Deviation
RA3 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.95 .00 .06 3.84 4.07
Std. .942 -.004 .041 .857 1.015
Deviation
42
RA4 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.70 .00 .06 3.57 3.81
Std. .915 -.003 .042 .828 .998
Deviation
Valid N N 254 0 0 254 254
(listwise)
Interpretation
RA1: I am ready to take high risk for the best return in EV investment.
This question gives an insight of the investors on their ability to take high risk and the
expectation of best return in EV investment in India. The minimum (1 signifies Strongly
Disagree) and maximum (5 signifies Strongly Agree) is the scale used to determine the
response of the question. The mean of the responses from the investors is computed at 3.42
and it implies that most of them are above neutral with regards to the risk and return of EV
investment in India. Standard deviation is a measure of data dispersion in proportion to the
mean. Data are grouped around the mean when the standard deviation is low, while data are
more spread out when the standard deviation is large and the standard deviation is
computed at 1.029 and implies that it is more spread out and has high deviation from the
mean.
RA2: I am willing to invest in equal proportion of Large, Medium, Small Cap stock in EV
Sector.
This question gives an insight of the investors on their willingness to invest in equal
proportion of large, medium and small cap stocks to minimize the risk. The minimum (1
signifies Strongly Disagree) and maximum (5 signifies Strongly Agree) is the scale used to
computed at 3.51 and it implies that most of them are above neutral with regards to the risk
minimization on investment of EV investment in India. Standard deviation is a measure of
data dispersion in proportion to the mean. Data are grouped around the mean when the
standard deviation is low, while data are more spread out when the standard deviation is
large and the standard deviation is computed at 0.957 and implies that it is more spread out
and has high deviation from the mean.
43
RA3: I expect high growth of these stocks in long run.
This question gives an insight of the investors expectation of the growth in this sector. The
minimum (1 signifies Strongly Disagree) and maximum (5 signifies Strongly Agree) is the
scale used to determine the response of the question. The mean of the responses from the
investors is computed at 3.95 and it implies that most of them are above neutral and agree
with regards to the growth of the sector. Standard deviation is a measure of data dispersion
in proportion to the mean. Data are grouped around the mean when the standard deviation
is low, while data are more spread out when the standard deviation is large and the standard
from the mean.
RA4: I am expecting the EV portfolio returns higher than the index returns.
This question gives an insight of the investors expectation of the EV portfolio returns
higher than the index returns. The minimum (1 signifies Strongly Disagree) and maximum
(5 signifies Strongly Agree) is the scale used to determine the response of the question. The
mean of the responses from the investors is computed at 3.70 and it implies that most of
them are above neutral and agree with regards to investors expectation of the EV portfolio
returns higher than the index returns. Standard deviation is a measure of data dispersion in
from the mean.
4.1.6 Descriptive statistics of investor’s sentiment and willingness to invest in EV funds

Table 4.3: Descriptive statistics of investor’s sentiment and willingness to invest in EV
funds
Bootstrapa
95% Confidence
Interval
IS1 N 254 0 0 254 254
Minimum 1
44
Maximum 5
Mean 3.71 .00 .05 3.61 3.82
Std. .880 -.004 .036 .806 .949
Deviation
IS2 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.46 .00 .06 3.35 3.58
Std. .984 -.004 .041 .896 1.062
Deviation
IS3 N 254 0 0 254 254
Minimum 1
Maximum 5
Mean 3.54 .00 .06 3.41 3.66
Std. 1.012 -.003 .041 .927 1.084
Deviation
Valid N N 254 0 0 254 254
(listwise)
Interpretation
IS1: I will invest on the basis of availability of full-fledged infrastructure in the EV sector.
This question gives an insight of the investor’s decision on the basis of availability of
infrastructure in the EV space. The minimum (1 signifies Strongly Disagree) and maximum
(5 signifies Strongly Agree) is the scale used to determine the response of the question. The
them are above neutral and agree with regards to basis of availability of full-fledged
infrastructure in the EV sector. Standard deviation is a measure of data dispersion in
from the mean.
IS2: I will invest in an EV fund rather than separate equity investment in each EV stock.
This question gives an insight of the investor’s decision on investment in EV fund rather
than a separate investment. The minimum (1 signifies Strongly Disagree) and maximum (5
signifies Strongly Agree) is the scale used to determine the response of the question. The
45
them are above neutral and with regards to the investment in EV fund rather than a separate
investment. Standard deviation is a measure of data dispersion in proportion to the mean.
Data are grouped around the mean when the standard deviation is low, while data are more
spread out when the standard deviation is large and the standard deviation is computed at
0.984 and implies that it is more spread out and has high deviation from the mean.
IS3: I will invest in EV funds to save my time in equity research.

This question gives an insight of the investor’s decision on investment in EV funds that
saves time in EV fund rather than a separate /equity investment. The minimum (1 signifies
Strongly Disagree) and maximum (5 signifies Strongly Agree) is the scale used to
computed at 3.54 and it implies that most of them are above neutral and with regards to the
decision on investment in EV funds that saves time in EV fund rather than a separate
/equity investment. Standard deviation is a measure of data dispersion in proportion to the
mean. Data are grouped around the mean when the standard deviation is low, while data are
more spread out when the standard deviation is large and the standard deviation is
computed at 1.012 and implies that it is more spread out and has high deviation from the
mean.
4.2 Reliability Analysis
To check the reliability of the questionnaire, Cronbach’s Alpha is used to check whether the
questionnaire is reliable.
Table 4.4: Cronbach’s Alpha
Reliability Statistics
Cronbach's N of Items
Alpha
.878 12
Cronbach's alpha is a measure of internal consistency, or how closely a group of things are
connected to one another. It is regarded as a scale dependability indicator. The presence of a
"high" alpha value does not mean that the measure is unidimensional. Additional analyses
46
can be undertaken if you want to give proof that the scale in issue is unidimensional in
addition to testing internal consistency. One way for determining dimensionality is
exploratory factor analysis. Cronbach's alpha, in technical terms, is a coefficient of reliability,
not a statistical test (or consistency). Cronbach's alpha scores should range from 0 to 1,
however you might also receive negative findings. A negative number implies that your data
is incorrect—perhaps you forgot to reverse score any of the things. Cronbach's alpha of.70
and above is considered good,.80 and above is considered better, and.90 and above is
considered best. Since, the Cronbach’s Alpha is 0.878 the questionnaire and the instruments
are reliable for the further research and analysis.
4.3 Investor awareness of EV sector
There are five questions asked to the investor on understanding their level of awareness and
knowledge in EV sector. All these questions are clubbed as a set to understand the total
awareness of this sector. Therefore, it is considered as an independent variable. The three
demographic areas such as Gender and Age and duration of investment are considered to
comprehend the significance between them and Investor awareness. Therefore, they are the
dependent variables for the study.
4.3.1 Testing the significance with gender group.

To test the significance of investor awareness with the gender group, we ideally use Chi-
square test to understand the level of significance with the gender and investor awareness.
Hypothesis for this study (identification of association between gender and Electric vehicle
industry awareness)
awareness among gender.
H1 (Alternate Hypothesis): There is significant difference in investor’s Electric vehicle
industry awareness among gender.
Table 4.5: Chi-Square Test between gender and EVA

Chi-Square Tests
47
Asymp.
Sig. (2-
Value df sided)
Pearson 26.460a 32 .743
Chi-Square
Likelihood 24.953 32 .808
Ratio
Linear-by- 2.478 1 .115
Linear
Association
N of Valid 255
Cases
Table 4.6: Phi and Cramer’s V analysis between gender and EVA
Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 26.460a 32 .743
Chi-Square
Ratio
Linear-by- 2.478 1 .115
Linear
Association
N of Valid 255
Cases
Interpretation: When reading this table, we are interested in the results of the "Pearson Chi-
Square" row. We can see here that p = 0.743. This tells us that there is no statistically
significant association between Gender and Electric vehicle industry awareness. Phi and
Cramer's V are both tests of the strength of association. We can see that the strength of
association between the variables is very weak. Hence, we accept the Null hypothesis and
reject the alternate hypothesis. This implies that all genders do not show a bias in awareness
of EV sector and the industry.
4.3.2 Testing the significance with age group

To test the significance of investor awareness with the Age group, we ideally use Chi-square
48
test to understand the level of significance with the gender and investor awareness.
Hypothesis for this study (identification of association between age and Electric vehicle
industry awareness)
awareness among different age.
industry awareness among different age.
Table 4.7 Chi-Square Test between age and EVA

Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 66.945a 64 .376
Chi-Square
Ratio
Linear-by- 8.027 1 .005
Linear
Association
N of Valid 255
Cases
Table 4.8 Phi and Cramer’s V analysis between age and EVA
Symmetric Measures
Approx.
Value Sig.
Nominal Phi .513 .376
by Cramer's .257 .376
Nominal V
N of Valid Cases 255
significant association between Age and Electric vehicle industry awareness. Phi and
49
reject the alternate hypothesis. This implies that all ages do not show a bias in awareness of
EV sector and the industry.
4.3.3 Testing the significance with the duration of investment

To test the significance of investor awareness with the duration of investment, we ideally use
Chi-square test to understand the level of significance with the gender and investor
awareness.
Hypothesis for this study (identification of association between duration of investment and
Electric vehicle industry awareness)
awareness on duration of investment .
industry awareness on duration of investment.
Table 4.9: Chi-Square Tests between duration of investment and EVA

Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 53.474a 32 .010
Chi-Square
Ratio
Linear-by- 15.042 1 .000
Linear
Association
N of Valid 254
Cases
Table 4.10: Phi and Cramer’s V analysis between duration of investment and EVA
Symmetric Measures
Approx.
Value Sig.
50
Nominal V
Square" row. We can see here that p = 0.01. This tells us that there is statistically significant
association between and duration of investment and investor’s EV awareness. Phi and
reject the alternate hypothesis. This implies that all the investors have bias and difference in
the level on investor’s awareness of this sector.
4.3.4 Testing the significance between research on fundamental aspects of EV sector and
willingness to investment.
This analysis we consider is to what extent the investor researched the fundamental aspects of
EV sector and their wiliness to invest in EV sector. For, this we consider the Independent T-
test.
Hypothesis for the study

H0: There is no relationship between investors research of fundamental aspects of EV and
their willingness to invest in this sector.
H1: There is a relationship between investors research of fundamental aspects of EV and their
willingness to invest in this sector.
Table 4.11: Group Statistics (Independent T-test)

Group Statistics
interes N Mean Std. Std. Error
t Deviation Mean
1 129 3.78 1.113 .098
research
2 23 2.78 .951 .198
Table 4.12: Independent samples Test
51
Independent Samples Test
Levene's Test t-test for Equality of Means
for Equality of
Variances
F Sig. t df Sig. Mean Std. 95%
(2- Differe Error Confidence
tailed) nce Differe Interval of the
nce Difference
Lower Upper
Equal
variance 4.0
1.250 .265 150 .000 .993 .247 .505 1.480
s 21
rese assumed
arch Equal
variance 4.4 33.
.000 .993 .221 .543 1.442
s not 86 695
assumed

Interpretation: In the above tables, the T test determines the relationship between the
variables and in the above analysis with regards to the investor’s research on fundamental
aspects and willingness to invest in this sector. When p = 0.000 and < 0.05, this shows a
significance level in the T-test. Hence, the alternate hypothesis is accepted and null
hypothesis is rejected.
4.4 Risk appetite of the investor
There are four questions asked to the investor on understanding their level of risk and
expectation return and growth in EV sector. All these questions are clubbed as a set to
understand the total risk appetite of this sector. Therefore, it is considered as an independent
variable. The three demographic areas such as Gender and Age and duration of investment
are considered to comprehend the significance between them and Investor’s risk appetite.
Therefore, they are the dependent variables for the study.
4.4.1 Testing the significance with the gender group.

To test the significance of investor’s risk appetite with the gender group, we ideally use Chi-
52
square test to understand the level of significance with the gender and investor’s risk apetite.
Hypothesis for this study (identification of association between gender and investor’s risk
appetite)
gender.
gender.
Table 4.13: Chi-Square test between gender and risk appetite of the investor
Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 22.456a 15 .096
Chi-Square
Ratio
Linear-by- 4.098 1 .043
Linear
Association
N of Valid 255
Cases
Table 4.14: Phi and Cramer’s V analysis between gender and risk appetite of the investor
Symmetric Measures
Approx.
Value Sig.
Nominal V
significant association between Gender and Electric vehicle industry awareness. Phi and
53
reject the alternate hypothesis. This implies that all genders do not show a bias in risk
appetite.
4.4.2 Testing the significance with age group

test to understand the level of significance with the gender and investor’s risk appetite.
Hypothesis for this study (identification of association between age and investor’s risk
appetite)
different age.
H1 (Alternate Hypothesis): There is a significant difference in investor’s risk appetite among
different age.
Table 4.15: Chi-Square test between age and investor’s risk appetite
Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 150.779a 60 .000
Chi-Square

Ratio
Linear-by- 7.117 1 .008
Linear
Association
N of Valid 255
Cases
54
Table 4.16: Phi and Cramer’s V analysis between age and investor’s risk appetite
Symmetric Measures
Approx.
Value Sig.
Nominal V
Square" row. We can see here that p = 0.000. This tells us that there is a statistically
significant association between Age and investor’s risk appetite. Phi and Cramer's V are both
tests of the strength of association. We can see that the strength of association between the
variables is very strong. Hence, we accept the alternate hypothesis and reject the null
hypothesis. This implies that all ages do show a bias in risk appetite and an impact is
observed in between risk appetite and age group.
4.4.3 Testing the significance with duration of investment

test to understand the level of significance with the duration of investment and investor’s risk
appetite.
Hypothesis for this study (identification of association between duration of investment and
investor’s risk appetite)
H0 (Null Hypothesis): There is no significant difference in investor’s risk appetite on duration
of investment.
H1 (Alternate Hypothesis): There is a significant difference in investor’s risk appetite on
duration of investment.
Table 4.17: Chi-Square Tests between duration of investment and investor’s risk appetite
Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
55
Pearson 57.597a 30 .002
Chi-Square
Ratio
Linear-by- 17.299 1 .000
Linear
Association
N of Valid 254
Cases
Table 4.18: Phi and Cramer’s V analysis between duration of investment and investor’s risk
appetite
Symmetric Measures
Approx.
Value Sig.
Nominal V
Square" row. We can see here that p = 0.002. This tells us that there is a statistically
significant association between duration of investment and investor’s risk appetite. Phi and
association between the variables is moderately weak that implies that strength between the
variables is low though there is an association. Hence, we accept the alternate hypothesis and
reject the null hypothesis. This implies that all the investors have bias and difference in the
level of risk appetite among the investors.
4.4.4 testing the significance between investors expectation of high growth in sector and
expectation of higher returns over index returns.
The data is collected from the investors to understand their expectation of high growth in the
sector and expectation of higher returns over index returns. It is essential to study when an
investor is expecting a high growth and also expecting a better return from the index returns
(NIFTY50 SENSEX). For this, a Spearman’s Rank Correlation study is essential to
understand the relationship between variables.
56
Hypothesis for this study
H0: There is no relationship between investor growth expectations and investor’s expectations
on higher returns over index returns.
H1: There is a relationship between investor growth expectations and investor’s expectations
on higher returns over index returns.
Table 4.19: Spearman’s Rank correlation
Correlations
RA3 RA4
Spearman's RA3 Correlation Coefficient 1.000 .631**
rho Sig. (2-tailed) .000
N 254 254
Bootstrapb Bias 0.000 -.001
Std. Error 0.000 .044
95% Lower 1.000 .542
Confidence Upper 1.000 .716
Interval
RA4 Correlation Coefficient .631** 1.000
Sig. (2-tailed) .000
N 254 254
Bootstrapb Bias -.001 0.000
Std. Error .044 0.000
95% Lower .542 1.000
Confidence Upper .716 1.000
Interval
Interpretation: The findings are shown in a matrix, as seen above, with the correlations
reproduced. The table, however, shows Spearman's correlation, its significant value, and the
sample size used in the computation. We can see that the Spearman's correlation coefficient,
rs, is 0.631 in this case, and that this is statistically significant. The Spearman correlation
coefficient is positive if Y tends to rise as X rises. The Spearman correlation value is negative
if Y tends to decrease as X grows. When X rises, a Spearman correlation of 0 shows that Y
has no propensity to increase or decrease. Therefore, it is determined that the investor growth
expectations and investor’s expectations on higher returns over index returns is positively
correlated. Since, it is positively correlated we reject the null hypothesis and accept the
alternate hypothesis.
57
4.5 Investor sentiment on EV funds and the sector.
There are three questions asked to the investor on understanding their willingness of
investment in EV sector and their sentiment on EV funds and EV equity investments. All
these questions are clubbed as a set to understand the total investor sentiment of this sector.
Therefore, it is considered as an independent variable. The three demographic areas such as
Gender and Age and duration of investment are considered to comprehend the significance
between them and Investor’s sentiment and willingness of the investment. Therefore, they are
the dependent variables for the study.
4.5.1 Testing the significance with the gender group

To test the significance of investor’s risk appetite with the gender group, we ideally use Chi-
square test to understand the level of significance with the gender and investor’s sentiment on
EV funds and the sector.
Hypothesis for this study (identification of association between gender and investor’s
sentiment on EV funds and the sector)
H0 (Null Hypothesis): There is no significant difference in investor’s sentiment of EV funds
gender.
Table 4.20: Chi-Square Test between gender and investor sentiment

Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 8.899a 10 .542
Chi-Square

Ratio
58
Linear-by- .010 1 .921
Linear
Association
N of Valid 255
Cases
Table 4.21: Phi and Cramer’s V analysis between gender and investor sentiment
Symmetric Measures
Approx.
Value Sig.
Nominal V
significant association between gender and investor sentiment. Phi and Cramer's V are both
tests of the strength of association. We can see that the strength of association between the
variables is very weak. Hence, we accept the Null hypothesis and reject the alternate
hypothesis. This implies that all the investors have no bias and difference in the level on
investor’s sentiment of the EV fund and the sector.
4.5.2 Testing the significance with the age group

test to understand the level of significance with the gender and investor’s sentiment.
Hypothesis for this study (identification of association between age and investor’s sentiment)
H0 (Null Hypothesis): There is no significant difference in investor sentiment on EV funds
and sector among different age.
funds and sector among different age.
59
Table 4.22: Chi-Square Test between age and investor sentiment
Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 44.413a 40 .291
Chi-Square

Ratio
Linear-by- 9.303 1 .002
Linear
Association
N of Valid 255
Cases
Table 4.23: Phi and Cramer’s V analysis between age and investor sentiment
Symmetric Measures
Approx.
Value Sig.
Nominal V
significant association between Age and investor sentiment. Phi and Cramer's V are both tests
of the strength of association. We can see that the strength of association between the
variables is very weak. Hence, we accept the Null hypothesis and reject the alternate
hypothesis. This implies that all the investors have no bias and difference in the level on
investor’s sentiment of the EV fund and the sector.
60
4.5.3 Testing the significance with the duration of investment
To test the significance of investor awareness with the duration of investment, we ideally use
Chi-square test to understand the level of significance with the duration of investment and
investor’s sentiment.
Hypothesis for this study (identification of association between age and investor’s sentiment)
H0 (Null Hypothesis): There is no significant difference in investor’s sentiment on EV funds
H1 (Alternate Hypothesis): There is a significant difference in investor’s sentiment on EV funds
Table 4.24: Chi-Square test between duration of investment and investor’s sentiment
Chi-Square Tests
Asymp.
Sig. (2-
Value df sided)
Pearson 37.751a 20 .009
Chi-Square
Ratio
Linear-by- 9.862 1 .002
Linear
Association
N of Valid 254
Cases
Table 4.25: Phi and Cramer’s V between duration of investment and investor’s sentiment
Symmetric Measures
Approx.
Value Sig.
Nominal V
Square" row. We can see here that p = 0.009. This tells us that there is statistically significant
61
association between and duration of investment and investor sentiment. Phi and Cramer's V
are both tests of the strength of association. We can see that the strength of association
between the variables is very weak. Hence, we reject the Null hypothesis and accept the
alternate hypothesis. This implies that the investors have bias on investor sentiment in EV
sector funds.
4.6 Construction and design of EV fund

The table below is a hypothetical fund designed to create a fund of 200 crores of investment
by investing in EV stocks in India as a thematic EV fund. This fund has invested in all the
major companies and allied industry players contributes to the EV market. The companies in
the fund are listed on Indian stock exchanges and their disclosures are always noticed in the
annual reports. The name of the fund is “Vidyut Vahanam- Nirvaha Samroha” which simply
translates as electric vehicles- a sustainable future. This fund has various sector who are part
of this industry at very prominent stage. The allocation of the fund is made on the basis of
market capitalization of each stock in that industry. A large cap company has high weight in
the sub-industry category over a medium and small cap companies. Each sector of this
industry is given its name in Sanskrit to high the sustainability of the old Indian language
Sanskrit.
62
Table 4.26: Allocation of the EV fund
FUND ALLOCATION
“VIDYUT VAHANAM- NIRVAH SAMROHA”
TOTAL FUND SIZE- 200 CRORES
AMOUNT(IN
DETAILS CRORES) PERCENTAGE OF PORTFOLIO
DVI CHAKRA VAHANAM (TWO WHEELER INDUSTRY) 30 15%
1. HERO MOTOCORP 8 4%
2. TVS MOTORS 8 4%
3. GREAVES COTTON 6 3%
4. BAJAJ AUTO 8 4%
CHATURA CHAKRA VAHANAM (FOUR WHEELER INDUSTRY) 30 15%
1. MARUTI SUZUKI 10 5%
2. TATA MOTORS 10 5%
3. MAHINDRA & MAHINDRA 10 5%
BRIHAT VAHANAM (COMMERCIAL VEHICLES INDUSTRY) 30 15%
1. ATUL AUTO 8 4%
2. ASHOK LEYLAND 8 4%
3. EICHER MOTORS 8 4%
4. OLECTRA GREENTECH 3 1.50%
5. JBM AUTO 3 1.50%
VIDYUTKOSA PARISRAMAM (BATTERY INDUSTRY) 20 10%
1. EXIDE INDUSTRIES 4 2%
2. AMARA RAJA BATTERIES 4 2%
3. CARBORUNDUM UNIVERSAL 1 0.50%
4. THERMAX 1 0.50%
5. GOCL 1 0.50%
6. BHEL 4 2%
7. BHARAT ELECTRONICS 4 2%
RASAYANA PARISRAMA (CHEMICAL INDUSTRY) 20 10%
1. HIMADRI SPECIALITY CHEMICALS 4 2%

2. TATA CHEMICALS 10 5%
3. NEOGEN CHEMICALS 2 1%
4. TATVA CHINTAN PHARMA 4 2%
UTTEJYA PARISRAMA (CHARGING INFRASTRUCTURE INDUSTRY) 28 14%
1. TATA POWER 6 3.00%

2. INDIAN OIL CORPORATION 6 3.00%
3. NATIONAL THERMAL POWER CORPORATION 6 3.00%
4. ABB INDIA 4 2%
5. POWER GRID CORPORATION 6 3.00%
SWACH UPAKARAN PARISRAMAM (AUTO PARTS INDUSTRY) 20 10%
1. MOTHERSON SUMI 4 2%
2. MINDA INDUSTRIES 4 2%
3. ENDURANCE TECHNOLOGIES 4 2%
4. SUNDARAM FASTENERS 4 2%
5. SONA BLW PRECISION 4 2%
PRAVIDHI VIBHAAGAM (IT AND TECHNOLOGY INDUSTRY) 10 5%
1. TATA ELXSI 5 2.50%

2. L&T TECHNOLOGY 5 2.50%
KHANIJA PARISRAMAM (METAL INDUSTRY) 12 6%
1. HINDUSTAN COPPER 4 2%
2. HINDALCO 4 2%
3. NALCO 4 2%
63
Chapter 5
Findings, Suggestions,
Conclusion
64
5.1 Findings of the study
To meet the requirements of the objectives of the study, major findings are traced by testing
the hypothesis according to the desired objective. The findings of the study imply the
significance between the variables and the implications of results from the analysis. Here, the
study finds primarily that there is no statistically significant association between Gender and
Electric vehicle industry awareness. This implies that all genders do not show a bias in
awareness of EV sector and the industry. Also, there is no statistically significant association
between Age and Electric vehicle industry awareness. This implies that all ages do not show
a bias in awareness of EV sector and the industry. Furthermore, there is statistically significant
association between and duration of investment and investor’s EV awareness. This implies
that all the investors have bias and difference in the level on investor’s awareness of this
sector. As per the analysis, there is a relationship between investors research of fundamental
aspects of EV and their willingness to invest in this sector. The study found that there is no
statistically significant association between Gender and risk appetite. This implies that all
genders do not show a bias in risk appetite. This study also made an analysis there is a
statistically significant association between Age and investor’s risk appetite. This implies that
all ages do show a bias in risk appetite and an impact is observed in between risk appetite and
age group. As per investor’s term of the investment, there is a statistically significant association
between duration of investment and investor’s risk appetite. This implies that all the investors
have bias and difference in the level of risk appetite among the investors. There is an additional
analysis that there is a relationship between investor growth expectations and investor’s
expectations on higher returns over index returns. Essentially, there is no statistically
significant association between gender and investor sentiment. The investors have no bias and
difference in the level on investor’s sentiment of the EV fund and the sector. Furthermore,
there is no statistically significant association between Age and investor sentiment. This
implies that all the investors have no bias and difference in the level on investor’s sentiment
of the EV fund and the sector. There is also a statistically significant association between and
duration of investment and investor sentiment. This implies that the investors have bias on
investor sentiment in EV sector funds.
65
5.2 Suggestions and Scope of future study
There is a necessity to make research to address the significance difference of perceptions

and behavior between investors and non-professional investors in the EV industry. A study is
essential to assess all kinds of investors behavior, perceptions, sentiment towards EV sector.
The study should also consider world companies also to construct a portfolio for the EV fund.
There should also be a study to be made by understanding the investors from various
demographic dimensions such as occupation of the investor, region of the investor
belongingness. A study is essential to assess the consumption pattern and investments
patterns in this sector.
5.3 Conclusion
A concerned citizen always thinks about respecting the current resources and utilize in
sustainable to also meet its future needs. Sustainable development comes through those roots
of ideology which is infusing slowly across the world. An individual is also accountable and
responsive to the earth in protection of the eco-system and ecology. Vehicles are prominent
cause of pollution and releases harmful toxicants into the air. Conventional energy fuel
refined from the Crude oil, cannot last future like the current abundance of the resources.
Sustainable development comes into the picture and promotes the usage of renewable energy
and clean energy consumption. Electric vehicles and the industry have become a trend in the
automobile sector. It is a paradigm shift to amend necessary modification to adapt for the
change in this sector. There is an intense research and development by the players in the
industry to cope up with the competition and also bring innovation and revolution in this
sector. This entire trend is catching the attention investors and considered as EV a new sector
in the equity markets. Investors are now willing to invest as they a huge potential down the
line in 10 years. This revolution can multiply shareholder’s wealth due to its aggressive
growth in the market and lead to a sustainable future.
66
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72
Annexure
Questionnaire
1. Gender
a) Male
b) Female
2. Age
a) 18-25
b) 25-35
c) 35-45
d) 45- 55
e) 55 and above
3. Duration of investment
a) Short term
b) Medium term
c) Long term
4. Are you aware of sustainable development goals ?

a) Yes
b) No
5. I am socially responsible citizen and concerned about protection of environment.

a) Strongly Disagree
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
6. I am well aware of EV sector in India.
73
b) Agree
c) Neutral
d) Agree
e) Strongly Agree
7. I have knowledge of stocks in EV sector.

b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
8. I have researched all the fundamental aspects of EV sector in India.

b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
9. I am interested to add EV stocks in my Portfolio

a) Yes
b) No
c) Maybe
10. If yes, what will be the proportion of your investment in EV segment?

a) 0-10%
b) 10-20%
c) 20-30%
d) 30-40%
e) Above 40%
11. I am ready to take high risk for the best return in EV investment.
74
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
12. I am willing to invest in equal proportion of Large, Medium, Small Cap stock in EV
Sector.
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
13. I expect high growth of these stocks in long run.

b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
14. I am expecting the EV portfolio returns higher than the index returns.
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
15. I will invest on the basis of availability of full fledged infrastructure in the EV sector.
b) Disagree
c) Neutral
d) Agree
75
e) Strongly Agree
16. I will invest in an EV fund rather than separate equity investment in each EV stock.
b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
17. I will invest in EV funds to save my time in equity research.

b) Disagree
c) Neutral
d) Agree
e) Strongly Agree
76

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Executive Summary

Figure 1.1: Global EV sales.

1.2 Indian EV market

Figure 1.3: Regional Registered Sales in India

1.3 Indian government policies for the EV industry

1.1.1 Federal government policy

1.1.2 State government policy

1.4 Taxation and subsidies on EV industry in India.

1.4.1 Direct Taxes

1.4.2 Indirect Taxes

Figure 1.4: State-wise EV subsidies in India

1.5 EV and Indian Stock Market

1.7 Statement of Problem

1.8 Scope of the study

 To design a composite EV sectoral fund.

1.10 Limitations of the study

2.2 Adoption of EVs across the world.

2.3 EV funds and stock market reactions

2.5 Indian EV stocks and equity research

2.6 EV and investments in India.

Table 2.1: EV space investment in India

2.9 EV sector and its infrastructure

2.10 EV and sustainability

3.2 Research Design

3.3 Data Collection

3.4 Sampling Design

3.5 Variable description

a) Independent Variables: The demographics of investor identified in the research such as

Gender This broadly has two categories: Male and Female

Table 3.2 Dependent Variable

This concerned with the awareness of EV sector,

This is concerned with the investors behavior with risk and

This is concerned with the investment in separate equity or

3.6 Operational Definitions

3.7 Tools used in the analysis

Analysis 3: To test significant association between duration of investment and investor’s

Analysis 4: To test significance between research on fundamental aspects of EV sector and

4.1.1 Awareness of sustainable development goals

Source: primary data collection

4.1.2Term of investors in the population

Source: primary data collection

4.1.3 Investor’s interest on adding EV stocks to their portfolio.

Source: primary data collection

4.1.4 EV stocks proportion of investment by the investor in their portfolio.

Source: primary data collection

4.1.5 Descriptive statistics on investor’s Electric vehicle industry awareness

EVA2: I am well aware of EV sector in India

EVA3: I have knowledge of stocks in EV sector.

EV4: I have researched all the fundamental aspects of EV sector in India.

4.1.6 Descriptive statistics on investor’s risk appetite

4.1.6 Descriptive statistics of investor’s sentiment and willingness to invest in EV funds

IS3: I will invest in EV funds to save my time in equity research.

4.2 Reliability Analysis

Table 4.4: Cronbach’s Alpha

4.3 Investor awareness of EV sector

4.3.1 Testing the significance with gender group.

Table 4.5: Chi-Square Test between gender and EVA

4.3.2 Testing the significance with age group

Table 4.7 Chi-Square Test between age and EVA

4.3.3 Testing the significance with the duration of investment

Table 4.9: Chi-Square Tests between duration of investment and EVA

Hypothesis for the study

Table 4.11: Group Statistics (Independent T-test)