Table 4 Empirical results of the impact of pandemic shock and fiscal subsidies on the sales of new energy vehicles

T × Policy

− 0.210

0.734^***

0.164^**

0.808^**

0.763^**

(0.149)

(0.062)

(0.069)

(0.261)

(0.290)

T

− 0.229^**

− 0.304

− 1.015^***

− 0.763^***

0.385^***

2.628^***

(0.046)

(0.220)

(0.134)

(0.162)

(0.038)

(0.292)

Policy

0.272

− 1.452^***

− 1.143^***

− 1.957^***

− 2.192^***

(0.364)

(0.218)

(0.166)

(0.245)

(0.377)

(mondiff × T × Policy)²

− 0.220^*

(0.096)

mondiff × T × Policy

− 0.287^***

− 0.014

− 0.071

0.596

(0.038)

(0.021)

(0.166)

(0.392)

(mondiff × T)²

1.629^***

(0.090)

mondiff × T

− 0.206^***

0.082^***

0.051^***

− 1.575^***

− 6.437^***

(0.008)

(0.001)

(0.011)

(0.017)

(0.361)

(mondiff × (1-T) × Policy)²

− 0.223^***

(0.025)

mondiff × (1-T) × Policy

− 0.137^***

− 0.045

− 0.364^**

− 1.034^***

(0.034)

(0.029)

(0.135)

(0.120)

(mondiff × (1-T))²

0.552^***

(0.034)

mondiff × (1-T)

0.303^**

0.483^***

0.402^***

0.697^***

2.235^***

(0.054)

(0.105)

(0.109)

(0.000)

(0.111)

Price

0.153^*

− 0.126^***

0.153^***

0.063^***

0.185^***

0.153^**

(0.054)

(0.034)

(0.005)

(0.013)

(0.022)

(0.052)

Range

0.006^***

0.007^*

0.006^***

0.010^***

0.007^***

0.006^***

(0.0005)

(0.004)

(0.0004)

(0.001)

(0.0004)

(0.001)

Engine

− 1.698^**

2.486^***

1.175^***

1.304^***

− 1.865^***

1.102

(0.390)

(0.118)

(0.077)

(0.066)

(0.512)

(0.842)

Brand

0.155

0.144

4.849^***

− 6.119^***

− 0.104

(1.605)

(1.110)

(0.908)

(0.677)

(2.477)

2. Firm

10.675^***

− 10.521^***

− 5.215^***

− 12.330^***

− 10.584^**

(2.245)

(0.267)

(0.726)

(1.240)

(2.943)

3. Firm

6.819^***

− 1.247

− 4.261^***

0.681

− 1.020

(1.956)

(0.762)

(0.617)

(0.417)

(1.422)

4. Firm

0.224

− 1.054^**

3.109^***

3.524^***

0.139

3.019^**

(0.189)

(0.412)

(0.350)

(0.281)

(0.288)

(1.028)

2. Typecar

− 1.835^*

− 1.787

− 1.883^***

− 1.412^***

− 2.465^***

− 1.828^**

(0.664)

(1.710)

(0.290)

(0.372)

(0.109)

(0.639)

3. Typecar

− 1.456^*

− 1.674^**

1.301^***

2.797^***

– 1.860^***

1.190

(0.557)

(0.778)

(0.388)

(0.321)

(0.245)

(1.001)

2. Fuel

− 0.053

5.248^**

2.810^***

5.008^***

0.295

2.693^***

(1.047)

(2.261)

(0.480)

(0.354)

(0.411)

(0.571)

3. Fuel

2.450^**

0.696

2.582^***

2.837^***

2.535^***

2.581^***

(0.560)

(0.569)

(0.422)

(0.382)

(0.292)

(0.481)

2. Drive

6.441^***

− 0.218

3.677^***

2.034^***

7.008^***

3.794^**

(0.654)

(0.730)

(0.445)

(0.388)

(0.243)

(1.113)

3. Drive

− 0.296

0.192

− 0.278

0.037

− 0.834^***

− 0.288

(0.538)

(0.478)

(0.258)

(0.209)

(0.183)

(0.563)

4. Drive

− 0.074

1.507^**

− 0.089

0.111

− 0.500

− 0.069

(0.580)

(0.612)

(0.287)

(0.402)

(0.313)

(0.545)

Cons

− 1.503

0.699

− 5.767^***

− 6.707^***

0.174

− 4.294^**

(0.689)

(1.369)

(0.382)

(0.417)

(0.922)

(1.632)

Individual FE

Yes

Yes

Yes

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

Yes

Yes

Yes

N

417

3452

541

731

354

541

R²

0.874

0.674

0.859

0.847

0.875

0.860