DOI: 10.53443/anadoluibfd.1882296 ISSN: 2687-184X

COMPARATIVE FINANCIAL PERFORMANCE ANALYSIS OF EV MANUFACTURERS USING CRITIC-BASED TOPSIS, OCRA, VIKOR AND EATWIOS

Şifa Kırhasanoğlu, Murat Özdemir
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Electric vehicles (EVs), seen as a solution to reduce carbon emissions and reduce energy dependence, continue to gain importance. Along with this importance, EV manufacturers, who have gained a significant place in the automotive sector, continue to grow. These companies are recognized as having different characteristics from traditional vehicle manufacturers. Therefore, a different financial evaluation is required compared to automotive companies. There are relatively studies in the literature that specifically examine EV companies. In this context, this study aims to evaluate the financial performance of EV manufacturing companies using their specific financial criteria. The TOPSIS, VIKOR, and OCRA methods were used for financial performance analysis. Furthermore, the companies' efficiency analysis was carried out using the EATWIOS method. The criteria were weighted using the CRITIC method. The findings show that the financial performance rankings vary depending on the method used. NIKOLA consistently ranks first according to the OCRA, TOPSIS, and EATWIOS methods, demonstrating consistent performance. In contrast, VIKOR results differ depending on the value of the v parameter, with XPENG and TESLA ranking first under different scenarios. Overall, although rankings differ across methods, general performance patterns remain similar.

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