Launching an electric car

This study analyzes the feasibility and impact of launching a new electric car in the market. It examines the current trend of customer preferences towards electric cars and the potential benefits for the company. The study also identifies the challenges and provides recommendations for successful implementation.

Assessment

Table of Contents
Executive Summary.........................................................................................................................1
Background of the chosen topic..................................................................................................1
Project aim and objectives..........................................................................................................1
Literature review.........................................................................................................................2
Problem identified.......................................................................................................................5
Conclusion ......................................................................................................................................5
Recommendations.......................................................................................................................6
REFERENCES................................................................................................................................7

Title: “Launching an electric car”
Executive Summary
As per the competition market, it is analysed that most of the company are focused upon
their product and services so that they keep attracting range of customers. That is why, the
current study is also shed a light on how an advance technology support business to increase its
overall performance. The entire report is based upon 'launching a new electric car' and with the
help of secondary research, the current trend of customers with regards to electric car is analysed
and this in turn assist to determine whether launching new electric car is beneficial for the
company or not. Also, study identified that customers perception and preference are keep
changing and that is why, there is a need to offer new product which in turn help to maximize
the demand. Further, to raise the goodwill of a company at international market, company has to
develop strategies and develop best product which in turn help to meet the define aim and
objectives.
Background of the chosen topic
In the era of digitalization, most of the companies are focused upon the advance and
digital technologies in order to meet the demand of customers. In the same way, current study is
based upon launching a electric car. Such that there are many ways through which companies
are stay top at the competition such that focused on innovation and complying with advance
technologies. Similarly, by introducing new electric car into a market, will help to consume fuel
and oil and protect environment as well. Also, the estimated time for launching the car is around
35 week in which all the activities are properly monitored and reviewed to determine the project
progress. There are many advantage of using this type of product because people lives in UK are
wealthy enough and they are ready to purchase cars which is eco- friendly. That is why, the
present study will provide a view whether this new plan is successful by using secondary study
and also determine the feasibility of a study as well.
Project aim and objectives
The aim of the study is to launch new electric car into a market in order to attract range
of customers.
Objectives:
 To launch cost effective electric car in order to attain high sales.
 To increase the customer base by offering new innovative product.
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 To raise goodwill of a company by launching the product globally.
Literature review
Current trend of customer towards electric cars
According to Danielis, Giansoldati and Rotaris (2018) Deloitte estimated that there will
be 10% increase in the electric car sales by 2024 because the fuel and oil is continuously
exploiting and that is why, there is a need to introduce electric car in a market. As customers are
also prefer to use electric cars because it is based upon electricity and helps to protect the
environment from harmful gases as well. de Rubens, Noel and Sovacool (2018) stated that
customers as well as companies are also focused upon the electric cars and that is why, they
increase the production capacity as well. Even electric cars are rapidly moving from the fringe of
automotive sector and sales figure is also increases because customer prefer to use innovative
product as it is a current trend. As the current market size of global electric vehicle market is
projected towards a million unit sales by 2030 and this figure clearly shows that people are
involving themselves as per the current trends. As Asia market is fastest increasing growth in the
term of electric vehicle and that is why, by using advance technologies and development,
companies are increasing their sales in order to meet the demand of customer's needs. Hence,
increasing demand for reducing carbon emission and developing more advance and fast charging
stations are consider the growth of electric vehicle.
Enyedi (2018) argued that as per the current trend, customer prefer to use battery
longevity in the electric cars in which lower cost of batteries are used so that it make the electric
car less expensive that gas powered vehicles. Hence, low cost effective cars will also help to
attract range of customers towards it. On the other side, another important advantage of using
the electric car is it do not creates any negative impact upon environment. As pollution is one of
the biggest reason to use electric cars because normal car emitted many gases into an
environment which directly cause opposite impact upon the environment. Such that around 75%
of the carbon monoxide is released by motor vehicle which needs to be controlled and that is
why, there is a need to launch electric cars. Almeida (2020) present their views and stated that
creative design and intelligent vehicles is another trend that customer also prefer in electric cars.
Such that does not only want the use of innovative technology but they expect beautiful design
and plenty of choice for which companies are working.
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In addition to this, it is also examine that demand of electric car is increases from last 5
years and now they want autonomous or self- driving vehicles which have caught the interest of
people. Such that companies like Eniride developed a system where an operator can remotely
control multiple self- driving vehicle that helps to attract range of customers. Jose and
Meikandasivam (2017) share their views that Electric vehicle has a limited range as compared to
Internal combustion Engine and this is because of low knowledge and limited resources in early
days. Now, industry is fully prepared to launch new model of care range which is famous for
their own unique features and this in turn attract range of new people towards it.
In the opinion of Musonera and Cagle (2019) electric car sales is increases up to 70 to
80% by 2030 and this clearly shows that people show their interest on purchasing the electric
cars and its positive impact upon the environment as well. Also, investing in this will help the
company to get longer financial return and this is because switching to an electric car is the cost
of charging a vehicle versus using fossil fuels. As almost every person is concerning for
environment and that is why, they are also accepting the new trend in automobile in order to
protect the environment from harmful gases. Wilberforce and et.al., (2017) explain that through
there are many concerns of electric cars such that it require high initial investment and range
anxiety is link with owning a vehicle. So, it is clearly identified that with the help of secondary
research that customers are like to invest purchasing electric cars because it help to bring them
forward towards.
Enhance goodwill of a company by introducing new cars
Fernández and Giménez (2019) presented their views that by introducing innovative
product, company is expected to grow its business and this in turn help to sustain the brand
image at global level. Therefore, it is clearly realized that a new product is offer new value to the
customer and in this modern era, companies are mainly focus on the advance technologies and in
the automobile sector, companies are using new tools and Artificial intelligence which in turn
help to draw attention of many customers towards them. Dewalska–Opitek and Wiechoczek
(2017) argued that to increase market share and sales, companies are finding the best way
through which the companies goodwill is establish at internation market. For example, in
automobile industry, Toyota is having its brand image and it is because it keep using new
techniques which in turn help to enhance the goodwill. Also, company keep using opportunity in
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order to establish new market share within a country so that it will help to increase sales and
business as well.
On the other side, Krause (2020) argued that company should determine the customer
preferences and as per the current trend, it is analysed that automobile industry mainly focus on
introducing range of electric cars with different designs with lower cost so that higher and upper
class people may easily afford the same which in turn help to enhance the sales of a company.
Therefore, at initial stage, these electric cars are launched in major cities so that customers
review can be assessed and results collected where it is clearly determine that most of the people
prefer to use these vehicle because of its various advantage. According to Higueras-Castillo and
et.al., (2020) using a electric car will provide many advantage such that it is eco- friendly in
nature and as people are more concern about the environment and that is why, due to its low
price, customer are ready to purchase and that is why, it sustain the brand image at international
level. On the other hand, electric cars consume less electricity and it is easily charges and an
individual can use the same for long term. Hence, due to its small size, it is consider the most
comfortable car which help to draw attention of many customers and this in turn leads to sustain
goodwill in the market as well.
Moreover, Secinaro and et.al., (2020) for establishing goodwill, company provide
different innovative product in which electric car is consider good product because there are
various benefit of using the same like, better for environment, cheaper to run, cheaper to
maintain, energy savings, provide many health benefits etc. Even at global level, there are many
companies who offer electric cars and now they invest their time for self- driving cars so that
people may operate their car through remote only. Hence, it is clearly examine by ... that with a
range of new product and launching an electric car is consider the best and effective source
because of its many advantages. Though Agrawal and et.al., (2020) argued that there are some
disadvantage also of using the electric car like, it require high initial investment and there is no
surety of launching successful product in a market, as a result, company has to bear heavy loss.
That is why, it is analysed that with the help of innovate and new product, company is sustaining
the brand image and this in turn also help to enhance goodwill of a firm in better manner.
Further, it is examine that in automobile industry, through autonomous and this level of
efficiency is reinventing whole market by analysing the taste of customers and this in turn
sustain the brand image at global level as well.
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Problem identified
The main reason of launching the electric car is to minimize the problem of over-
consumption of fuel and oil because at global level, these resources are limited, that is why,
scientist are investigating for alternative product. Thus, by launching electric car, it is easy for
people to use less volume of electricity because it do not require high volume of electricity.
Also, during the project, another problem is identified such that the current trend of market is
completely based upon the use of current technology and that is why, there is a strong
competition due to which majority of the customers faces issue. As researcher have their own
interest on using of advance tools and techniques, but due to not having enough knowledge, the
problem is raised and this in turn affect the results in opposite manner as well.
Further, there is a need to solve the problem and while conducting the secondary
research, it is also identified that at global level, there are some companies who launch electric
cars because it require high skilled labour workforce and high initial investment that is why,
most of the companies do not use this tools in order to successfully launch the product in market.
Hence, by solving the identified problem will assist to meet the define aim and demand of
customers in better manner so that it will not create any negative impact upon the project. Also it
is identified that due to lack of time, the secondary research is not perform in deep manner and
this in turn affect the results because it did not assist to answer the question easily which
somehow affect the results as well. That is why, researcher should choose the topic where they
have enough time in order to conduct the study in proper manner.
Conclusion
By summing up above it has been concluded that by launching a new electric car by a
company is feasible because there are many advantage of using it as it helps to increase the sales
of a company. It is so because while analysing the trend and demand of customer, it has been
concluded that they prefer new product which do not have any negative impact upon
environment and that is why, it can be stated that launching a new car is beneficial for the
company as it help to meet the define objectives i.e. to enhance the goodwill. Though, company
needed some high initial investment but it definitely help to increase the demand of customer
which in turn raise the overall sales and market share as well.
Moreover, it is also concluded from the above research that for sustaining the goodwill in
a market, there is a need to offer new and innovative product to the customers and this is
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possible only when the product quality is high and this in turn assist to enhance the financial
performance of a firm as well. Also, there are different problems identified while researching on
the topic such that lack of time.
Recommendations
In order to overcome the problem which is identified from the above, there are some
suggestion which in turn help to conduct the research in more precise manner. These are as
mention below:
 For the research, scholar needs enough time and for that all the activities are to be
schedule and proper monitoring should be done in order to determine whether each task
is done on prescribe date or not. Therefore, by proper scheduling, entire project is
completed on time and as a result, issue are also minimized.
 It is also recommended that company should use promotional activities in order to let
customer know about the new product offerings and this in turn help to meet demand of
customers. Also by using effective promotional tools, range of customers are attracted
and start using electric cars because it help to save the environment and have many
health benefits as well.
 On the other side, it is also recommended to the firm that hire a skilled labour workforce
which in turn assist to provide range of new and innovative product so that they may
easily meet the current trend and draw attention of many customers as well. Also, these
electric cars are did not consume high electricity and that is why, it is consider a good
option for protecting environment.
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REFERENCES
Books and Journals
Agrawal, S. and et.al., 2020. Challenges to Electric Vehicle Forecasting and Implementation in
India. Available at SSRN 3567658.
Almeida, M., 2020. Automotive Sector Moving Towards Mobility Companies: The New
Mobility Landscape. In Anthropological Approaches to Understanding Consumption
Patterns and Consumer Behavior (pp. 343-358). IGI Global.
Danielis, R., Giansoldati, M. and Rotaris, L., 2018. A probabilistic total cost of ownership
model to evaluate the current and future prospects of electric cars uptake in Italy. Energy
Policy.119. pp.268-281.
de Rubens, G. Z., Noel, L. and Sovacool, B. K., 2018. Dismissive and deceptive car dealerships
create barriers to electric vehicle adoption at the point of sale.Nature Energy. 3(6).
pp.501-507.
Dewalska–Opitek, A. and Wiechoczek, J., 2017. Customer citizenship behaviour towards
customers and enterprises operating in medium high-tech sector. Theory and Application
in the Knowledge Economy, pp.248-262.
Enyedi, S., 2018, May. Electric cars—Challenges and trends. In 2018 IEEE International
Conference on Automation, Quality and Testing, Robotics (AQTR) (pp. 1-8). IEEE.
Fernández, R. Á. and Giménez, B. D., 2019. Evaluation of the Changes in Greenhouse Gas
Emissions After Migration Towards Electric Mobility. In Advances in Sustainable
Energy (pp. 133-148). Springer, Cham.
Higueras-Castillo, E. and et.al., 2020. Potential Early Adopters of Hybrid and Electric Vehicles
in Spain—Towards a Customer Profile. Sustainability.12(11). p.4345.
Jose, C. P. and Meikandasivam, S., 2017. A Review on the Trends and Developments in Hybrid
Electric Vehicles. In Innovative Design and Development Practices in Aerospace and
Automotive Engineering (pp. 211-229). Springer, Singapore.
Krause, M., 2020. Technologies and Innovations for the Plastics Industry: Polymer 2030.
In Innovative Technologies for Market Leadership (pp. 233-243). Springer, Cham.
Musonera, E. and Cagle, C., 2019. Electric Car Brand Positioning in the Automotive Industry:
Recommendations for Sustainable and Innovative Marketing Strategies. Journal of
Strategic Innovation and Sustainability.14(1).
Secinaro, S. and et.al., 2020. Employing bibliometric analysis to identify suitable business
models for electric cars. Journal of Cleaner Production, p.121503.
Wilberforce, T. and et.al., 2017. Developments of electric cars and fuel cell hydrogen electric
cars. International Journal of Hydrogen Energy.42(40). pp.25695-25734.
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