Abstract
In recent decades, the development of technology has brought several changes in the global society. Enhanced communication methods enabled rapid dissemination of information, impacting peoples’ decision making and consumption. Moreover, indiscreet production and resource consumption caused environmental damage, hence leading to the advent of electric vehicles in the automotive industry. This research paper delves into the influence of social media on market share and stock prices of electric vehicle manufacturers. Social media plays a significant role in conveying information and therefore influencing consumption. To conduct research, we gathered data – tweets, news articles, EV stock prices, EV market shares, air quality of major cities – to prove correlation between social media and EV stock prices. Market data were mainly used for analysis and prediction, and information regarding air quality was used to explain how electric vehicles could gather huge momentum. We analyzed how electric vehicle market shares have changed in 10 years, and how individual manufacturers, such as Tesla, General Motors, and Hyundai, increased production and sales over time, using data analysis and visualization. By comparing these data with media coverage of electric vehicles using sentimental analysis, we could figure out how social media could impact sales and stock prices of automotive producers. The main driving force of the meteoric rise of electric vehicles was favorable media coverage of electric vehicles. Data collection was done by effective Python tools that could significantly reduce time.
Highlights
In recent decades, the global society increasingly has started to pay more attention to the environment and sustainable development [1]
We gathered news articles featuring electric vehicles from 2020 to 2021, and tweets posted by Tesla CEO Elon Musk, since these data would be used for sentiment analysis to prove correlation between social media and stock prices of Electric Vehicles (EV) manufacturers
Throughout the research, Exploratory Data Analysis (EDA) was primarily used for visualization and analysis on stock prices of different electric vehicle companies around the world - Tesla, General Motors, and Hyundai
Summary
The global society increasingly has started to pay more attention to the environment and sustainable development [1]. Electric vehicles have risen as alternatives to ICE-vehicles and are considered to be the future of automobiles. Known as opinion mining, is a natural language processing technique that is frequently used to identify and extract subjective information in diverse source materials [2], [3]. In other words, it involves the process of determining whether a piece of writing contains positive, negative, or neutral emotions. This research paper employs sentiment analysis to analyze tweets posted by Elon Musk, the CEO of Tesla, and news reports covering electric vehicles. The results combined with changes in stock prices of electric vehicle producers could be employed to deduce how electric vehicles would gain momentum and impact the economy in the future
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