Author : Vishal Khandare 1
Date of Publication :3rd November 2022
Abstract: Electric cars are becoming increasingly popular and are now the talk of the town. Accurate price forecasts are important because electric cars will be more economical to produce than conventional petroleum vehicles by the end of the decade. Rising costs for crude oil, its extraction and use are a burden on the environment. Electric vehicles, which are less expensive than conventional petroleum vehicles, are considered a great success in the world's transition to burning petroleum. In this research paper, we will use machine learning models. First, we use a linear regression model that achieves accuracy between 67% and 70%. Second, we will use an XGBoost model that achieves an accuracy of 90%. Finally, we will use the random forest model, which achieves 91% to 95% accuracy. In general, the results suggest that the price difference for larger cars will narrow by the middle of the decade, with further technological progress needed to make small electric vehicles cheaper compared to gasoline vehicles by the end of the decade.
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