Investigating the Factors Affecting Consumers Purchase Intention for Electric Vehicles (EVs)

Authors

YINGBO CAOFollow

Document Type

Dissertation

Degree

Doctor of Business Administration

Major/Program

<--Please Select Department-->

First Advisor's Name

Ochieng F. Walumbwa

First Advisor's Committee Title

committe chair

Second Advisor's Name

Ronald Mesia

Second Advisor's Committee Title

committe member

Third Advisor's Name

Arun Upadhyay

Third Advisor's Committee Title

committe member

Fourth Advisor's Name

Paulo Gomes

Fourth Advisor's Committee Title

committe member

Keywords

Tesla, EV, Purchase Intention

Date of Defense

6-9-2023

Abstract

Greenhouse gas emissions have become an important global issue due to their associated ecological problems. An increase in vehicle ownership, especially fossil fuel-powered automobiles, has worsened the challenge of global warming and other environmental issues, including energy crises, pollution, and general human wellbeing. Thus, EV adoption is an important opportunity for GHGs reduction. However, there is limited research on the factors which affect the consumers’ purchase intentions toward EVs versus non-EV cars. The study's rationale is to understand whether brand coolness, brand loyalty, and willingness to pay (WTP) impact consumers' purchase intention of Tesla EVs versus non-EV cars and how individuals' brand identity elements of brand coolness impact their purchase intentions. Marketing research studies hold that various factors influence consumers’ attitudinal and behavioral brand responses. Prior studies have conceptualized and evaluated brand coolness impacts on consumers’ responses to various brands. However, limited studies have contextualized the brand coolness construct, focusing on brand realism for luxury brands. The study adopts brand coolness, a new theory developed from self-presentation theory. Self-presentation theory reflects on individual behaviors directed toward producing a certain impression of themselves in the minds of others. The study will adopt quantitative methodology. The samples were drawn from a population of individuals with automobile awareness, including electric cars and electric battery technologies and non-EV car owners. The research adopted an online survey instrument based on the measures and constructs, including purchase intention, willingness to pay (WTP), brand coolness, and brand loyalty. To determine the effects of the factors on purchase intention, the study controlled for other potential factors affecting the consumers’ purchase intentions, such as age, income level, and educational level. The target response frame were individuals who currently own a Tesla electronic vehicle or planned to purchase one in the future or those who own non-EVs. Data analysis was undertaken using partial least square structural equation modeling techniques (PLS-SEM) and SPSS v.26. The main finding of the study is that brand coolness is a significant factor affecting EV consumers’ purchase intention, WTP premium, and brand loyalty. The study would have various implications, key among them, marketing management, including offering deep insights into how marketing managers could improve the performance of their brands. Further, the study can help the managers understand why their brand scores low on certain measures and work on reinforcing the image missing from their characteristics.

Identifier

FIDC011103

Recommended Citation

CAO, YINGBO, "Investigating the Factors Affecting Consumers Purchase Intention for Electric Vehicles (EVs)" (2023). FIU Electronic Theses and Dissertations. 5334.
https://digitalcommons.fiu.edu/etd/5334