Project Outline

Introduction:
Prediction of Electric Car sales and prices: Under this project, we are working on a dataset namely:
“Cars” from Kaggle which has columns of various features, fuel-types and prices of different cars. We
will analyse the dataset and predict the future change in sales and prices of electric cars.

Project Duration:
Sept.2023 to Nov.2023

Project Team:
Ayush Kukreja (2241008)

Yukta Sharma (2241019)

Project Background:
The automotive industry is undergoing a significant transformation as the demand for electric
vehicles (EVs) is steadily increasing. As governments worldwide implement stricter emission
regulations and consumers become more environmentally conscious, electric cars are becoming
more popular. Accurate predictions of electric car sales and prices are crucial for automakers,
policymakers, and investors to make informed decisions.

Objectives:
1. Sales Prediction

 Develop a predictive model to forecast the sales of electric cars in the next [time frame].
 Utilize historical sales data, economic indicators, and consumer preferences to make
accurate predictions.
 Evaluate the model's accuracy and adjust it as necessary.

2. Price Prediction

 Create a model to predict the prices of electric cars in the future.

 Consider factors such as battery technology advancements, production costs, and market
competition.
 Evaluate the model's accuracy and refine it over time.

3. Insights for Stakeholders

 Provide insights and actionable recommendations based on the sales and price predictions.
 Assist automakers in planning production, marketing, and inventory management.
 Assist policymakers in developing strategies to promote electric vehicle adoption.

Methodology:
Data Collection

 Gather historical sales data for electric cars from reputable sources.
  Collect data on economic indicators, environmental regulations, and technological
advancements.
 Use surveys and consumer feedback to understand preferences and trends.

Data Analysis

 Clean and preprocess the data to prepare it for modeling.

 Apply regression analysis and machine learning algorithms to build predictive models.
 Evaluate model performance using appropriate metrics and cross-validation.

Model Refinement

 Continuously update the models with new data to improve accuracy.

 Incorporate external factors like government policies and industry news.
 Consider using time-series forecasting techniques for sales predictions.

Reporting and Visualization

 Present the findings and predictions in a clear and visually appealing manner.
 Use charts, graphs, and dashboards to convey insights.
 Create a user-friendly interface for stakeholders to access predictions and insights.

Project Deliverables:
 Sales Prediction Model: A well-documented machine learning model for forecasting electric
car sales.
 Price Prediction Model: A well-documented model for predicting electric car prices.
 Data Dashboard: An interactive dashboard to visualize historical data and predictions.
 Project Report: A comprehensive report detailing the methodology, results, and
recommendations.
 Presentation: A presentation summarizing the project's key findings and insights.

Conclusion:
The "Prediction of Electric Car Sales and Prices" project aims to provide valuable insights and
predictions to support the electric vehicle industry and related stakeholders. Accurate forecasting of
electric car sales and prices is essential for making informed decisions in an ever-changing market.
This project will contribute to sustainable transportation and the adoption of electric vehicles.

Please feel free to reach out with any questions or suggestions regarding this proposal. Your
feedback is highly valued.