Electrifying Strategic Management: Leveraging Electric Vehicles for Sustainable Value Creation?

Abstract

Electric vehicles are an emerging topic in organizations and society. Access to economically and environmentally workable sustainable technologies has become a priority in the face of catastrophic climate change and the discussion surrounding it. This study examines the academic literature to shed light on factors, trends, emerging models, and critical perspectives on electric vehicles and their relationship to value creation, strategic management, and sustainability. This research uses a bibliometric analysis method to explore the dynamic interaction between these essential elements of the literature. The source is the Scopus database. The analysis uses VOSviewer software 1.6.20, focusing on the bibliographic coupling of documents, which was presented as a network visualization map. It emphasizes search terms proving the emerging need for innovation strategies in automotive industry organizations, consumers, and public entities to create value within a global sustainability logic. This study highlights the relationship between the electric vehicle industry and the value creation strategy and sustainability in a digital world.

1. Introduction

Sustainable value creation requires the integration of sustainable management principles, such as environmental responsibility and innovation management [1]. Transition to Electric Vehicles (EVs) aligns with creating sustainable value by addressing environmental, economic, and social dimensions [2]. One of the practical ways of attaining a no-emission scenario by 2050 is the replacement of internal combustion engine vehicles with electric propulsion [3]. It has been a consensus that EVs are one of the key solutions for sustainable transportation. However, adoption faces different technical, economic, regulatory, and environmental challenges [3]. These challenges are multifaceted and interrelated, influencing the widespread adoption of EVs. Technically, EVs face obstacles with battery technology, particularly regarding degradation and the need to improve performance and durability [4,5]. Economically, the high initial costs of EVs and the lack of charging infrastructure are significant barriers to widespread adoption [6]. Additionally, EVs’ high prices and moderate market penetration require developing new skills and scalable production processes to create attractive and profitable consumer products [7]. Socio-economic and demographic factors such as GDP, per capita income, population density, and fuel prices also play important roles. Higher GDP and per capita income are positively correlated with the adoption of EVs [8]. Besides these technical and economic barriers, regulatory challenges also play a critical role. These involve full policy packages to promote EVs, like subsidies, tax credits, and other consumer and manufacturer incentives [8]. Meeting these challenges is important because electric vehicle adoption is directly related to lower CO₂ emissions and contributes to the sustainability of global targets. Companies face increasing pressure to define strategies that lower their carbon footprints and embrace cleaner energy sources [9]. The strategic management of this transition spans all levels from production, including the reconfiguration of value chains and restructuring processes to meet technical requirements [10], to the end customer. These strategies include the importance of technological innovation, market expansion, and customer-centric approaches aimed at building sustainable competitive advantages [11].

Strategically, integrating EVs into business processes goes beyond merely addressing technical challenges and impacts broader business operations. For instance, it has been demonstrated that adopting electric vehicles can affect Business Process Costs (BPC) and sustainable development by leveraging minimized operational costs, environmentally friendly business models, and tax incentives [12]. Moreover, the economic viability of EVs compared to internal combustion engine vehicles is increasingly seen as a strategic factor for organizations. Studies show that EVs can significantly save fuel, insurance, and maintenance expenses [13]. Additionally, marketing strategies for EVs are evolving with a focus on sustainability, consumer behaviour, and business trends, which are crucial for promoting EV adoption and developing sustainable transportation solutions [14].

From a strategic management perspective, frameworks such as Porter’s Five Forces can be applied to assess the attractiveness of the EV industry and enhance innovation-driven value creation. Furthermore, EVs enhance sustainability by improving energy efficiency through strategic management and value creation [15]. This strategic approach opens numerous opportunities for value creation, particularly in re-evaluating products and extending their lifecycle. The automotive industry incorporates these transformations, as seen in the case of battery technologies [16,17]. This transition aligns with principles of sustainable value creation, redefining Corporate Social Responsibility (CSR), and emphasising value for stakeholders in the medium to long term [11]. Indeed, organisations adopting EVs will drive sustainable innovation, strengthen corporate responsibility, and contribute to a more resilient and sustainable economy [18]. Consequently, organisations increasingly integrate sustainability into their business models, aligning with global sustainability goals, exemplified by the UN’s Sustainable Development Goals (SDGs). These goals enhance brand value and customer loyalty [16].

The coming advent of EVs in the digital transformation era offers an exceptional chance for value creation and strategic management. The fourth industrial revolution that propels digital transformation must incorporate digital technologies throughout all business domains, transforming operations and value provision to stakeholders [19,20]. This transformation is not merely technological but also involves a shift in mindset, culture, and strategic orientation, which is crucial for creating substantial business and social value [21].

For EV companies, digital transformation offers a significant opportunity to enhance customer experience and satisfaction. By leveraging digital tools for value co-creation, companies can directly involve consumers in the value-creation process [22]. However, managing this digital transformation strategically requires careful consideration of the competitive environment, customer pressures, and the balance between existing business models and new digital initiatives [23]. The potential for value creation from digital business operations, marketing strategies, and a digital mindset is significant, although the maturity of these initiatives may still require development [24]. Moreover, digital transformation impacts organisational structures, decision-making processes, and primary functions, offering new opportunities in manufacturing, automation, and strategic decision-making [25]. The role of human resource management is also fundamental, as digital transformation enhances employee skills, motivation, and engagement, contributing to competitive advantages and organisational performance [26]. In the digital age, external and internal environmental factors affect business value, and simulation models can assess these factors to provide necessary information for strategic decisions [27]. Furthermore, through strategic methodologies, the digital transformation of public administration could enhance national economic growth and citizens’ welfare, indirectly benefiting the EV sector through a supportive regulatory environment [28]. Therefore, strategic digital transformation management in the EVs industry is crucial to maximise value creation and support a competitive advantage in a fast-changing market.

Ultimately, the increasing integration of EVs is transforming modern organisations. This paper explores whether the adoption of EVs has influenced strategic management and organisational capability of value creation with a focus on sustainability. It demonstrates if it is relevant to know whether EVs have changed the sectors’ management strategies and value creation.

The aims of the present study are detailed below, hence summarising the significant scope of the present research:

Impacts of Electric Vehicle Adoption on Strategic Management: This paper aims to explore whether the adoption of electric vehicles (EVs) has influenced strategic management and organisational capability in terms of value creation, with a particular focus on sustainability.

Systematic Literature Review (SLR): One of the primary objectives is to conduct a systematic literature review to summarise and critically analyse existing research studies. This review seeks to provide a comprehensive understanding of the current state of research regarding EVs and their impact on strategic management and value creation. The SLR is essential for summarising and critically analysing existing research studies and giving an account of the understanding available about a particular area and domain of research. All that is accomplished by using a systematic approach to choose, assess, and synthesise papers is the acquisition of fundamental insights about the current state of research in any given topic. Also, replicating or reproducing results is an integral part of rendering validity to the results or findings so that other researchers can do the same and obtain the same results [29,30]. This paper follows the clear, distinct steps of the SLR [31], including the formulation of research aims, the outline of the research protocol, and finally, the presentation of results. This paper will contribute to a systematic review and a bibliometric analysis related to Electric Vehicles and their impact on value creation and the strategic management of firms.

Bibliometric Analysis: The paper intends to contribute to a systematic review and a bibliometric analysis related to electric vehicles. This analysis is aimed at understanding the impact of EVs on value creation and the strategic management of firms.

Identification of Research Trends: Through bibliometric coupling analysis, the paper seeks to identify primary research themes concerning the integration of electric vehicles in organizational value creation and strategic management strategies, with a focus on sustainability.

Highlighting Research Gaps: The paper also highlights the underrepresentation of research in certain areas, such as Environmental Sciences and Economics, suggesting that these are promising fields for further exploration in EV integration in business and financial contexts.

Considering the aims of this study, the following Research Questions (RQ) are presented:

• RQ1: What is the existing research landscape on the integration of electric vehicles into strategic management or value creation efforts, particularly emphasizing sustainability?
• RQ2: What are the primary research themes concerning integrating electric vehicles in organizational value creation and strategic management strategies focusing on sustainability?

Following the protocol outlined in the subsequent section, we will address the research questions. For RQ1, descriptive statistics will be derived from peer-reviewed research articles. Regarding RQ2, content analysis will show the primary themes present in the reviewed literature.

The structure of this paper is as follows: In Section 2, the research methodology is outlined. Section 3 presents the results obtained. Section 4 discusses the findings, while Section 5 explores the research implications and future trends. Finally, Section 6 provides the conclusion of the paper.

2. Research Method

The dataset for analysis was defined once the introduction’s main goal and research questions were established. Because it is essential for locating the required outputs and providing articles indexed with dependable and multidisciplinary data, the Scopus database was chosen for this purpose [32]. Scopus is widely recognized as one of the most comprehensive and high-quality databases, covering a vast range of academic disciplines. Its broad and curated coverage makes it an ideal source for research requiring an interdisciplinary perspective, particularly in emerging areas such as electric vehicles and strategic management. The rationale and methodological planning of the systematic review were detailed using the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) protocol [30].

The PRISMA protocol is a renowned and widely used guideline in conducting systematic reviews and meta-analyses in scientific research. It sets tight guidelines for planning, performing, and reporting systematic reviews transparently and consistently. The main sections of the protocol include the identification, screening, selection, and synthesis of included studies, providing a robust framework for critical analysis of the existing literature on the topic. The choice of the PRISMA protocol is due to its ability to ensure that the review process is conducted methodically and comprehensively, covering all stages, from the identification and selection of studies to the synthesis of results. In our study, the PRISMA protocol not only assists in the crucial analysis of the existing literature on the impact of electric vehicles on strategic management and value creation but also enhances the results’ reliability, quality, and sustainability.

Furthermore, the VOSviewer software was employed for bibliometric analysis [33]. This tool was selected for its capability to generate graphical visualizations and tabular data on authors, institutions, countries, and sources simultaneously. The selection of VOSviewer is based on its proven effectiveness in bibliometric analyses, particularly in constructing and visualizing co-occurrence networks of key terms extracted from scientific literature. This functionality is crucial for identifying research trends and emerging thematic areas within electric vehicles, value creation, and strategic management. Additionally, VOSviewer allows the construction and visualization of co-occurrence networks based on key terms extracted from scientific literature. This computational tool identified research trends and thematic areas within EVs concerning value creation and strategic management by conducting a co-occurrence analysis of keywords. This approach simplified the extraction of primary keywords from a specific literature set, allowing for a more precise and targeted analysis of current and future research trends. This approach not only simplifies the analysis but also improves the quality and relevance of the conclusions drawn from our study.

2.1. Preferred Reporting Items for Systematic Reviews and Meta-Analyses

The PRISMA protocol includes a flow diagram that guides through the steps of the SLR process: identification, screening, eligibility assessment, and inclusion.

2.1.1. Identification Step

In the framework of a systematic review, the first step of identification involves conducting meticulous and systematic searches across the various literature sources, such as academic databases and digital libraries; consequently, choosing appropriate keywords and constructing precise search strings are essential tasks during the literature analysis phase [30]. We used the Scopus database in April 2024, considering the following search terms: “electric vehicles” and “strategic management” or “value creation” in “Title, Abstract, and Keywords” and “sustainable” in “All fields”. It resulted in the selection of 74 papers. These terms are emerging and have been systematically cited in the literature [34], appearing across various fields within the Scopus database [35].

2.1.2. Screening Step

Initially, 74 papers were reviewed, and the documents identified in the screening phase were selected based on inclusion and exclusion criteria to ensure high relevance, and high-quality research was considered in the analysis. Some research areas were also excluded from the study: ‘Physics and Astronomy’, ‘Psychology’, ‘Multidisciplinary’,’ Biochemistry, Genetics, and Molecular Biology’, and ‘Chemistry’. These fields were deemed unrelated to the research focused on analysing EVs’ economic, business, and environmental aspects and their integration into value creation and strategic management. Consequently, they were considered outside the SLR scope. Following this exclusion criterion, nine articles were excluded from the analysis.

2.1.3. Inclusion Step

During this phase, 43 studies that meet the eligibility criteria have been identified and incorporated into the systematic review. These papers will undergo thorough analysis during the data synthesis phase (Figure 1).

3. Results

3.1. Publication and Citations Trends

This section begins by examining the annual distribution of articles. Analysing the yearly publication trends in our research field provides insights into current and emerging research directions. The goal is to understand how integrating electric vehicles into strategic management or value-creation efforts, with a particular emphasis on sustainability, has gained importance over time.

Figure 2 illustrates the global distribution of papers per year before the criteria were applied. It reveals a notable rise beginning in 2017, with more than 16 papers in recent years. This trend underscores the current intense interest in using terms such as “electric vehicles”, “value creation”, “strategic management”, and “sustainability”. The limited number of papers in 2024 is attributed to the ongoing year, with only four months included in the analysis.

The data obtained from the Scopus database (Figure 3) show that the most representative research areas are “Engineering and Energy”, totalling about 40%. The “Environmental Sciences” area, which includes one of the key terms of this research, “sustainability”, presents a gap, representing only about 16% of the research areas.

The areas of “Business, Management and Accounting” and “Economics, Econometrics and Finance” are underexplored, collectively totalling approximately 15.5%. The search terms “value creation” and “strategic management” strongly correlate to these areas, highlighting the need for increased attention in future research, especially when electric vehicles are integrated into organisational vehicle fleets.

3.2. Analysis by Countries

A captivating analysis conducted with VOSviewer is bibliographic coupling by countries. This analysis shows which countries share standard bibliographic references in their publications, helping to reveal connections and collaborations between nations in the specific field of study. It can also uncover patterns of international research and inter-institutional collaborations relevant to the research questions (RQ). This analysis offers valuable insights into global cooperation and the geographical distribution of research in these areas. To ensure robust relationships in the study, the selection criteria included countries with at least two papers each and a minimum of four citations. Out of 32 countries in total, 16 met these criteria. Bibliographic coupling by country is presented in

Table 1. Bibliographic coupling by country.

Country	Articles	Citations	Total Link Strength	Cluster	Average Total Link Strength per Cluster
Brazil	3	34	16	1	140.6
France	2	159	232
Germany	8	92	65
Indonesia	2	9	62
Japan	2	4	60
Spain	2	95	196
United Kingdom	4	306	353
Canada	3	10	88	2	90.7
Denmark	2	156	112
Iran	2	45	72
India	3	55	112	3	100.7
Italy	4	106	150
Poland	2	28	40
China	6	155	575	4	458.7
Russian Federation	2	74	455
Pakistan	2	29	346

, revealing four clusters among the 16 countries, as illustrated in Figure 4. Distributing by continent, we have: South America: 1 country (Brazil); Europe: 9 countries (France, Germany, Spain, United Kingdom, Denmark, Italy, Poland, Russian Federation); Asia: 6 countries (Indonesia, Japan, Iran, India, China, Pakistan) and North America: 1 country (Canada).

It is interesting to note that countries with the highest number of documents do not necessarily have the highest number of citations. For instance, Germany has the most documents (8) but not the most citations (92). The highest number of citations belongs to the United Kingdom (306), with only four documents. On the other hand, Japan has the fewest citations (4) and the fewest articles (2).

In cluster 1, the United Kingdom’s production impact shows a total link strength of 353, significantly above the cluster’s average value of 140.6. An analogous situation occurs in France, with only two articles, 159 citations, and a total link strength of 232, well above the cluster’s average.

European countries are represented in all clusters and have the highest citations in clusters 1 to 3. In cluster 4, China consistently shows the highest number of articles, citations, and total link strength.

Even when considering all countries before refining the search, Figure 5 shows, based on data provided by the Scopus database, that several regions of the globe have no research related to the topics. For example, no country in the African continent reached the threshold of 2 documents and four citations. Only Canada meets the requirements in North America. On the other hand, China has been growing in the EVs industry, and its presence is clear. This type of analysis highlights the geographical advancements and delays in this research area.

3.3. Analysis by Sources

In this analysis, the researchers again used the VOSviewer software to perform bibliographic coupling by sources. They set the minimum number of sources to 1 and the minimum number of citations considered to 1. Out of 23 sources, only 15 met this threshold, as shown in Figure 6. The analysis found four clusters, which are in

Table 2. Bibliographic coupling by sources.

Source	Articles	Citations	Total Link Strength	Cluster	Average Total Link Strength per Cluster
Clean Technologies and Environmental Policy	1	6	2	1	17.6
International Journal of Energy Sector Management	1	6	2
Journal of Business Research	1	20	12
Journal of Cleaner Production	7	310	64
Sustainable Cities and Society	1	50	8
Applied Energy	1	9	9	2	10.5
Energy	1	38	3
Energy Policy	2	163	15
Journal of Enterprising Communities	1	12	15
Energy Research and Social Science	1	19	6	3	4.3
Journal of Industrial Ecology	1	3	1
Transportation Research part d: transp. and environment	1	5	6
Sustainability	5	130	51	4	22.3
Systems	2	1	6
Transport Policy	1	7	10
AVERAGE		51.9	14.0

.

Upon analysing the data, it is evident that in all clusters, journals with the highest number of citations also exhibit the highest total link strength: “Journal of Cleaner Production”—64 (cluster 1), “Energy Policy”—15 (cluster 2), “Energy Research and Social Science”—6 (cluster 3), and “Sustainability”—51 (cluster 4). Notably, despite having only 12 citations, the “Journal of Enterprising Communities” matches the total link strength of the “Energy Policy”. The same occurs in Cluster 3, where “Transportation Research Part D: Transport and Environment”, with only five citations, matches the total link strength of “Energy Research and Social Science”. Regarding clusters, cluster 4 stands out as the strongest, with the journal “Sustainability” displaying a total link strength (130) well above the cluster’s average (22.3) and the global average of all clusters (14.0). The journal most integrated into the field of Management, “Journal of Business Research”, shows a total link strength of approximately 68% of the average total link strength of its respective cluster. The analysis also reveals a diversity of journals across various research areas pertinent to this study, encompassing sustainability, energy, transportation, business, and technologies.

3.4. Topics and Common Keywords

Keywords are essential for describing the content and topics of documents. This analysis evaluates the degree of co-occurrence of the keywords and related concepts within the research domain [36]. We based the analysis on keywords, titles, and abstracts. We used the VOSviewer software, setting the minimum threshold for keyword co-occurrences at two. We established these limits to capture more emerging relationships between keywords, especially in less consolidated or still developing research areas. The co-occurrence of two keywords refers to the number of publications where both keywords appear simultaneously in the title, abstract, or keyword list [33].

In the co-occurrence analysis process, a clustering resolution of 1.0 was used. This configuration was selected to obtain a balanced view of the clusters, allowing us to identify groups of keywords representing different aspects and areas of focus in incorporating electric vehicles into strategic management and value-creation initiatives focusing on sustainability. Furthermore, to ensure that the identified clusters were representative and relevant, the researchers set the minimum cluster size to 3. This parameter ensured that only keyword clusters with a significant co-occurrence were considered, excluding smaller and potentially less informative clusters. This approach allowed the analysis to focus on domains that substantially impact the literature and practices related to electric vehicles, providing a solid basis for the study’s interpretations and conclusions.

The co-occurrence analysis was carried out considering “Index Keywords”. The authors believe this analysis will be more appropriate since “Index keywords” are generally assigned by databases such as Scopus (or Web of Science), using controlled vocabularies and standardized taxonomies. “Index Keywords” are more comprehensive, capturing a wider range of concepts and topics that may not be explicitly mentioned in “authors’ keywords”. On the other hand, “all keywords” may include an excessive number of terms, some of which may not be relevant to the specific analysis. The likelihood of including redundant terms, synonyms or linguistic variations that could complicate the analysis is also reduced.

Out of 402 words analysed, 58 keywords met this criterion. Figure 7 illustrates the co-occurrence map, where it is possible to identify 5 clusters (identified by colours).

Table 3. Co-Occurrence analysis, cluster 1.

Keyword	Occurrences	Total Link Strength	Cluster	Average Total Link Strength per Cluster
business	3	19	1	13.9
business models	3	22
charging (batteries)	4	23
digital storage	4	18
electric cars	2	11
electric vehicle batteries	2	8
energy	2	5
energy management	2	9
energy market	2	11
energy trading	2	12
power markets	4	14
secondary batteries	6	33
solar energy	2	9
solar power generation	3	10
stakeholder	2	12
strategic management	2	7

,

Table 4. Co-Occurrence analysis, cluster 2.

Keyword	Occurrences	Total Link Strength	Cluster	Average Total Link per Cluster
automobile manufacture	2	11	2	15.6
carbon emission	3	22
commerce	6	32
decision making	4	19
energy resources	2	10
energy utilization	2	3
fleet operations	2	17
investments	2	17
life cycle	2	13
modelling	2	11
strategic approach	3	16
value creation	2	16

,

Table 5. Co-Occurrence analysis, cluster 3.

Keyword	Occurrences	Total Link Strength	Cluster	Average Total Link per Cluster
automobile industry	4	21	3	16.3
business development	2	7
detection method	2	10
electric vehicle	13	59
environmental factor	2	8
greenhouse gas	2	8
innovation	5	23
perception	2	8
research work	2	7
sustainability	5	27
transportation infrastructure	2	11
transportation system	2	7

,

Table 6. Co-Occurrence analysis, cluster 4.

Keyword	Occurrences	Total Link Strength	Cluster	Average Total Link per Cluster
automotive industry	2	19	4	23.7
battery technology	2	20
collaborative activities	2	20
electric mobility	2	20
electric vehicles	10	62
environmental consequences	2	20
knowledge dissemination	2	20
patent analysis	2	20
patents and inventions	2	20
research and development	2	20
value chains	2	20

and

Table 7. Co-Occurrence analysis, cluster 5.

Keyword	Occurrences	Total Link Strength	Cluster	Average Total Link per Cluster
carbon dioxide	3	19	5	12.7
China	2	6
CO2 emissions	2	5
economics	2	5
gas emissions	2	10
sustainable development	7	34
urban planning	2	10

display the identified keywords in each cluster.

As can be seen in Figure 7, the most frequent keyword was “electric vehicle” (13 occurrences).

Cluster 1 (Table 3) comprises 16 keywords (business, business models, charging (batteries), digital storage, electric cars, electric vehicle batteries, energy, energy management, energy market, energy trading, power markets, secondary batteries, solar energy, solar power generation, stakeholder, strategic management), with the most common being “secondary batteries” with six occurrences. Cluster 2 (Table 4) comprises 12 keywords (automobile manufacture, carbon emission, commerce, decision making, energy resources, energy utilization, fleet operations, investments, life cycle, modelling, strategic approach, value creation), with the most common being “commerce” (6 occurrences).

Cluster 3 (Table 5) includes 12 keywords (automobile industry, business development, detection method, electric vehicle, environmental factor, greenhouse gas, innovation, perception, research work, sustainability, transportation infrastructure, transportation system), with the most common being “electric vehicle “ (13 occurrences). Cluster 4 (Table 6) encompasses 11 keywords (automotive industry, battery technology, collaborative activities, electric mobility, electric vehicles, environmental consequences, knowledge dissemination, patent analysis, patents and inventions, research and development, and value chains), with the most common being “electric vehicles “ (10 occurrences). Finally, Cluster 5 (Table 7) consists of 7 keywords (carbon dioxide, China, CO2 emissions, economics, gas emissions, sustainable development and urban planning), with the most common being “sustainable development“ (7 occurrences). Clusters 1, 2, 3 and 4 include, respectively, the keywords “strategic management”, “value creation”, “sustainability”, and “electric vehicles”, which were also used to construct the sample of papers.

3.5. Cluster Analysis: Bibliographic Coupling

This section presents the results of the bibliographic coupling analysis. Bibliometric analysis by documents is crucial for understanding the structure and dynamics of research within specific clusters. The authors employed bibliographic coupling analysis using VOSviewer [33] to determine each cluster’s research focus, mapping research areas and associated articles. We set a criterion of at least two citations per document (Figure 8). Out of 43 documents analysed, 36 met this criterion. In this case, while conducting the SLR based on bibliographic coupling, the focus was on identifying how the articles connect regarding their references. Considering the number of articles, we set a clustering resolution of 1.0 and a minimum cluster size of 5 documents. We believe this approach allowed for a more focused and high-quality analysis, as tiny clusters might not be sufficiently relevant and could introduce noise into the analysis.

As seen in Figure 8, each of the three clusters obtained is identified by colour (and is related to the coupling network according to the number of references the two papers have in common). Figure 8 shows the top three papers in terms of citations (Christensen et al. [37]—149 citations, Ma et al. [38]—104 citations and Golembiewski et al. [39]—65 citations).

4. Discussion and Findings

To address RQ1, we used data from the SCOPUS database concerning publications over the years and subjects and conducted various bibliometric analyses. For RQ2, we employed co-occurrence analysis and cluster analysis: bibliographic coupling.

4.1. What Is the Existing Research Landscape Regarding the Integration of Electric Vehicles into Strategic Management or Value Creation Efforts, Particularly Emphasizing Sustainability (RQ1)?

Based on the analyses carried out (“Publication and Citations Trends”, “analysis by countries”, and analysis by “sources”), the following findings can be highlighted in response to RQ1 on the panorama of existing research regarding the integration of electric vehicles (EVs) into strategic management strategies or value creation, with an emphasis on sustainability:

Publication and Citation Trends: Analysis of publication trends indicates a significant increase in interest in the integration of EVs into organizational strategies since 2017, with an increasing number of articles focusing on “electric vehicles”, “value creation”, “strategic management”, and “sustainability”. This reflects an increase in the relevance of these topics in the academic community. However, there is an underrepresentation of areas related to “Environmental Sciences”, “Management”, “Business”, and “Economics”, which points to research gaps that require further exploration, especially in the context of integrating EVs into organizational fleets.

Distribution by Research Areas: Most publications are concentrated in the areas of “Engineering and Energy”, with insufficient coverage in the areas of “Environmental Sciences”, “Management”, “Economics”, and “Finance”. That suggests that there is still a promising field for the development of research exploring the integration of EVs in business and financial contexts, particularly about sustainability.

Geographical Distribution of Research: The literature review by country shows a significant amount of research in European and Asian countries, with the UK, France, and China presenting a significant number of articles and citations in the areas of this study. However, some regions, such as Africa and parts of North America, need to be represented in this field of study. This evidence suggests the need for expanding cooperation and research on EVs worldwide to encourage more diversity and coverage in the field.

Source Analysis: A citation network analysis shows that the most cited journals with the highest coupling strength are evenly spread over sustainability, energy, transportation, business, and technology. “Journal of Cleaner Production” and “Sustainability” are two prominent journals that cover research on EVs and their management and value creation strategies, with a sustainability orientation. That means sustainability is a common thread through all of the discussions on electric vehicles, and it is clear that sustainability is a crucial issue when using electric vehicles.

4.2. What Are the Primary Research Themes Concerning Integrating Electric Vehicles in Organizational Value Creation and Strategic Management Strategies Focusing on Sustainability? (RQ2)

4.2.1. Topics and Common Keywords

Considering the data from Table 3, Table 4, Table 5, Table 6 and Table 7, the average global link strength across all clusters is 16.5. It is interesting to note that the search terms justifying this study, “electric vehicles” and “strategic management” or “value creation” in “Title, Abstract, and Keywords” and “sustainable” in “all fields” appear significantly associated with various clusters of the co-occurrence analysis. In Cluster 1 (Table 3), “strategic management” has a total link strength corresponding to about 50% relative to the cluster’s average. This term is linked to keywords such as “energy”, “energy management”, “digital storage”, “secondary batteries”, and “solar energy” (Figure 9a). This situation shows a subtle trend where authors frame organizational strategic management with the capability to manage energy resources. This trend becomes more pronounced when considering aspects such as secondary batteries or battery charging, both associated with charging costs and thus financial burdens for the organization, with total link strengths of 33 and 23, respectively. Also noteworthy is digitalization in battery charging methods, with the keyword “charging (batteries)” having a total link strength of 18, above the average total link per cluster (13.9).

The term “value creation” appears in Cluster 2 (Table 4) with a total link strength (16) that exceeds the Cluster 2 average (15.6). It is interesting to note that within the term “value creation” and in the literature, keywords such as “Energy resources” and “Energy utilization” emerge (Figure 9b). In the latter case, it is clear that “energy utilization” is a gap that should be further explored in the future, as how we use energy reflects economic considerations and thus impacts value creation.

The term “sustainability” appears in Cluster 3 (Table 5) with a total link strength of 27, significantly higher than the global average across all clusters (16.5) and exceeding the cluster’s average (23.7). As depicted in Figure 10, this term is associated with various keywords in business, research, innovation, emissions, and technology.

Finally, the term “electric vehicles” (Table 6) appears explicitly in Cluster 4 (Figure 11) with a total link strength of 62, representing a value 2.6 times higher than the cluster’s average and approximately 3.75 times higher than the global average across all clusters.

Notably, the analysis found several keywords associated with the search terms. We noticed that, for example, Cluster 1 and Cluster 2 keywords for the term “electric vehicles” were “electric cars” and “electric vehicle”, respectively. For the term “strategic management” in Cluster 2, we had the following keywords: “strategic approach” and “decision making”. When we referred to the term “value creation”, we identified the keyword “value chains” (Cluster 4). We also identified the keyword “sustainable development” (Cluster 5) for the term “sustainability”.

In all clusters, in addition to identifying the search terms as keywords, other keywords with a direct relationship, such as those mentioned above, can be identified, as well as keywords with an indirect relationship, such as “business”, “business models”, or “business developments” or “commerce”, which are areas linked to management. Figure 8, Figure 9 and Figure 10 detail the connections between the search terms used in the PRISMA protocol and the other keywords.

After the analysis based on the co-occurrence of keywords, the relevant contributions to RQ2 can be highlighted. The following findings stand out:

Identification of Core Topics: The analysis revealed that terms such as “strategic management”, “value creation”, “sustainability”, and “electric vehicles” are strongly associated with research clusters, indicating that these are core topics in the field. These terms, which also supported the selection of articles, show that the integration of EVs in organizations is directly linked to the efficient management of energy resources, technological innovation, and the promotion of sustainability.

Energy and Sustainability Relevance: From the high frequency of use of terminologies such as “energy”, “energy management”, and “energy utilization”, it is noticeable that how an organization manages and utilizes energy resources is perceived to form a significant component of how they add value using EVs. Furthermore, the prominence of the word “sustainability” demonstrates that research is increasingly focused on how organizations can integrate electric vehicles in ways that promote sustainable practices, which is vital for long-term strategies.

Centrality of Electric Vehicles: The term “electric vehicles” was identified as prevalent, reflecting its importance in the current research landscape. This evidence indicates that as organizations pursue the adoption of EVs, they are simultaneously searching for new ways to create value and employ sustainable strategies, placing EVs at the centre of these discussions.

4.2.2. Cluster Analysis: Bibliographic Coupling

A deep content analysis was performed to provide a better understanding of primary research themes concerning integrating electric vehicles in organizational value creation and strategic management strategies with sustainability. Despite the importance of co-occurrence analysis, an additional analysis (bibliographic coupling by documents) was still necessary to relate the 43 papers. Each author independently reviewed the full text of the papers to identify the research focus within each cluster, which had been defined through bibliographic coupling analysis using VOSviewer. After a brainstorming session and a collaborative content analysis process, the final cluster configuration for these research areas was determined:

• Cluster 1: Technological Innovation and Sustainability in Electric Vehicles.
• Cluster 2: Strategic Management and Sustainable Business Models in the Electric Vehicles Sector.
• Cluster 3: Sustainable Consumption and Value Creation in the Electric Vehicles Market.

Technological Innovation and Sustainability in Electric Vehicles

Next are the main contributions to Cluster 1, which analyses aspects of innovation, technology, and sustainability of solutions applied to EVs.

Chen and Liu [40] analyse the impact of government subsidies on electric vehicle adoption in China, emphasising the strategic role of policy interventions in accelerating market penetration of EVs. Hamwi et al. [41] examine strategies adopted in managing EVs charging infrastructure, highlighting the importance of strategic management to ensure effective and sustainable deployment. The study focuses on Demand Response Business Models (DRBMs), which have significant potential for promoting energy flexibility efficiently and sustainably.

Hashemipour et al. [42] investigate consumer perceptions and preferences towards electric vehicles in the Middle East, emphasizing the strategic importance of market segmentation and targeted marketing strategies. The authors suggest a strategic approach for dynamic provision by EV aggregators in electricity markets, considering Peer-to-Peer (P2P) clusters for energy trading among electric vehicles and the grid. Liang and Cheng [43] study the influence of a luxury EV sales business model on brand competitiveness. The paper contributes to the literature on sustainable innovation by exploring customer perceptions of perceived value in supporting brand competitiveness. Regarding the reliability of electricity grids due to unregulated mass charging of electric vehicles, Afentoulis et al. [44] anticipate problems suggesting that EV aggregator companies develop well-defined business models to harness the potential of smart charging. Consumer behaviour is also investigated, particularly regarding barriers to electric vehicle adoption [37]. The researchers highlight the role of perceived benefits, technology, and economic incentives in influencing consumer behaviour toward EV purchases. Shalender [45] analyses how entrepreneurship-oriented firms drive sustainable mobility within EV adoption. The assessment underscores the strategic value of creating value through EV adoption and recognition. However, the author suggests that management inefficiencies in the automotive industry impact industrial innovation more than technological gaps.

Based on the above, we can summarise the following findings:

These studies collectively contribute to understanding the challenges and opportunities of strategic management associated with electric vehicles and sustainable mobility solutions. They emphasize the importance of political support, insights into consumer behaviour, technological innovations, and environmental considerations in promoting sustainable value creation across the EV ecosystem.

Key Contributions: This cluster focuses on how technological innovation and management strategies can drive sustainability in the EV sector. Studies in this cluster highlight the importance of technological innovations such as demand response business models (DRBMs) and the strategic use of government policies to encourage EV adoption.

Challenges and Opportunities: Challenges related to charging infrastructure and consumer perception were identified, while opportunities include creating business models that leverage smart charging.

Strategic Implications: The findings suggest that supportive government policies and understanding consumer behaviour and technological innovations are crucial to fostering sustainable value creation across the EVs ecosystem.

Strategic Management and Sustainable Business Models in the Electric Vehicles Sector

Cluster 2 explores the strategic management of organizations concerning the transition to sustainable business models, battery reuse, integration of charging infrastructure, and the economic and environmental impacts of EVs production. The cluster focuses on organizational strategy and developing new business models within the context of EVs.

Electric vehicles represent a transformative technology poised to redefine the automotive industry and its strategic landscape. Golembiewski et al. [39] discuss trends in battery technologies crucial for EVs, highlighting patenting activities across the battery value chain. The authors analyse trends in battery technologies for electric mobility, identifying opportunities for value creation along the battery value chain and stating that EV batteries can represent a business opportunity across their circularity. They signal that such opportunities have strategic importance and require collaboration among various stakeholders. Reinhardt et al. [46] delve into sustainable business models (SBMs) for EV battery second-use industries. Their research emphasizes the strategic shift towards circular economy practices, where using EV batteries finds new life in stationary energy storage applications, enhancing sustainability across the value chain. Pirmana et al. [47] explores EV production’s economic and environmental impacts in Indonesia, a country rich in nickel resources essential for battery manufacturing. Their study strategically evaluates local EV production’s potential economic benefits and environmental implications, illustrating Indonesia’s strategic positioning in the global EV market. They conclude that EV production increases productivity, gross value-added, and job creation with a relatively small environmental impact. Chirumalla et al. [48] propose a framework for multi-stakeholder collaboration in identifying circular business opportunities within the EV battery value chain. They report creating a circular business model for EVs batteries, supporting the environmental benefits of resource reuse. Their strategic approach aims to foster win-win-win outcomes among stakeholders, promoting sustainability while addressing economic and environmental challenges inherent in the industry. Coenegrachts et al. [49] investigate business model blueprints for shared mobility hub networks. The authors identify challenges associated with mobility, including low integration with public transportation, lack of charging infrastructure, and regulatory barriers, and further discuss business models for shared mobility hubs. They strategically analyse how to overcome obstacles to adopt shared mobility by using innovative business models, improving integration with public transportation, and tackling regulatory challenges to develop sustainable urban mobility solutions. Pardo-Bosch et al. [50] contribute to the strategic discussion by examining sustainability in car-based mobility, specifically with the electric vehicle prototype “Editha”. They address the effectiveness and feasibility of city strategic plans for establishing public charging infrastructure networks to support EV adoption and use. A holistic assessment based on the Value Creation Ecosystem (VCE) and the City Model Canvas (CMC) can capture how such projects can propose public value with a long-term and sustainable attempt. Heinicke and Wagenhaus [51] study the sustainable deployment of public charging infrastructure networks for EVs from a business model perspective. Researchers discovered that Battery Electric Vehicles (BEVs) offer economic advantages, particularly in the small-size sector, due to the transition to electric drive and the energy efficiency of the drive train. The research contributes by outlining a driving concept for electric mobility in urban areas, focusing on energy efficiency and sustainability, which is strategic for the future development of regions.

Based on the above, we can summarise the following findings:

These studies collectively underscore the strategic importance of technological innovation, sustainable business models, circular economy practices, and stakeholder collaboration in shaping the future of electric mobility. As such, they provide considerable insight for the policymaker, the business leader, or the researcher vexed by the challenges surrounding adopting and integrating electric vehicles into urban sustainability systems.

Key Contributions: This cluster explores how organizations can strategically manage the transition to sustainable business models, especially in the circular economy and EV battery reuse context.

Challenges and Opportunities: The cluster emphasizes the importance of circular economy practices, such as EV battery reuse in stationary energy storage applications and the development of shared mobility hubs to enhance sustainable urban mobility.

Strategic implications: The research suggests that multi-sector collaboration and the development of innovative business models are essential to overcome regulatory challenges and improve the integration of EVs into sustainable urban mobility strategies.

Sustainable Consumption and Value Creation in the Electric Vehicles Market

Cluster 3 explores consumer motivation, value creation, acceptance of new technologies, and EVs use’s economic and environmental impacts. The cluster focuses on consumer behaviour, sustainability, and new opportunities for value creation in the EVs market.

The value co-creation in the context of sustainable consumption and production (SCP) within China’s sharing economy is studied by Ma et al. [38]. The authors investigate how shared mobility services like Mobike and EVCARD contribute to urban sustainability by integrating consumption into production processes, thereby enhancing environmental and economic efficiencies.

Abbasi et al. [52] explore consumer motivation towards EVs using Malaysia’s Unified Theory of Acceptance and Use of Technology (UTAUT) model. The authors conclude that motivational factors influence EVs purchase intentions, mainly when considering perceived environmental knowledge and technophilia. They argue that marketing strategies must promote carbon emissions reduction and the achievement of sustainable development targets. Stauch [53] investigated the value proposition of bundling EVs with community solar power to enhance customer willingness to adopt both technologies. The author analyses the added value of using solar energy to EVs and how this blend can reduce carbon emissions and studies buyers’ acceptance of acquired products combining EVs with solar energy technology, indicating a strategic approach to adding value to EVs. Nosi et al. [54] study the role of value co-creation initiatives in influencing millennials’ intentions to purchase EVs. Their research integrates the Theory of Reasoned Action with the perceived importance of car attributes to identify determinants affecting EVs adoption among young consumers. Strategic recommendations include tailoring initiatives to enhance perceived value and support pro-environmental behaviours. Chen and Lee [55] explore customer behaviour in the context of shared e-scooter systems, focusing on perceived service quality and value co-creation behaviours. Their study reveals how platform and mobility service quality influence customer participation and citizenship behaviours, offering insights into strategic enhancements for e-scooter sharing platforms. Thies et al. [56] investigate the project portfolio planning under CO2 fleet emission restrictions in the automotive industry. Their study employs a mixed-integer linear programming model to optimize project portfolios, emphasizing the strategic integration of alternative powertrain technologies like battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) to meet stringent emission targets. Finally, Meisel and Merfeld [57] assess the financial implications of real-time energy trading services for privately owned non-commercial EVs. Their simulation-based study quantifies the economic benefits of real-time trading services, highlighting strategic opportunities to incentivize EVs ownership through cost savings and renewable energy integration.

Based on the above, we can summarise the following findings:

These studies collectively highlight the strategic significance of value creation, consumer behaviour, and policy implications in modelling the adoption and sustainability of EVs. Moreover, carbon emissions are an essential issue for the sustainable growth of the EV sector.

Key Contributions: This cluster focuses on consumer behaviour, motivation for EV adoption, and value creation in sustainable consumption contexts, focusing on the sharing economy and integrating emerging technologies.

Challenges and Opportunities: The research identifies barriers to EV adoption related to the perception of environmental benefits and the acceptance of new technologies, suggesting that marketing strategies focused on carbon reduction and environmental knowledge can encourage adoption.

Strategic Implications: The findings indicate that value creation through co-creation initiatives and integrating renewable energies with EVs (such as solar power) is crucial to driving consumer acceptance and promoting pro-environmental behaviours.

5. Research Implications and Future Research Trends

The developed research could be a contribution to industries and professionals while talking about the generation of value and strategic management in relation to sustainability:

5.1. Development and Implementation of Sustainable Business Models

This research addresses the significant concern of incorporating sustainable practices in electric vehicle business frameworks. Just as an illustration, the use of Digital Product Passports (DPPs) can be a key mechanism to promote the circular economy and traceability of electric vehicle components. DPPs act as a lifecycle monitoring tool, tracking products from the moment they are made until they reach the end of their useful life, when recycling occurs. This kind of tool can help organizations comply with environmental regulations and improve clarity in the supply chain [58]. Furthermore, adopting circular economy practices, such as reusing batteries and implementing clean technologies, can create long-term sustainable economic value by promoting resource efficiency and reducing environmental impact [46].

5.2. Technological Innovation as a Value Driver

The research highlights that technological innovation is an essential strategic factor for value creation in the EV sector. Investing in emerging technologies, such as smart charging infrastructure, can improve energy efficiency while establishing new sources of revenue [41,44]. Battery technology innovations also aim to improve electric vehicles’ performance and sustainability, placing firms at the top of their industries and making them more competitive [5,18,39,51].

5.3. Sustainable Supply Chain Management

Another relevant impact is the sustainable management of the supply chain. Based on the research, applying DPPs for the traceability of critical materials can contribute to compliance with environmental regulations and strengthen corporate responsibility [58,59]. This aspect includes the traceability of materials used in EV batteries, ensuring they are obtained and disposed of responsibly and sustainably. Furthermore, energy efficiency along the supply chain can be improved, reducing environmental impact and promoting more sustainable practices [47].

5.4. Consumer Engagement and Behaviour

The research also provides insights into consumer behaviour and how it can be influenced to promote the adoption of EVs. Understanding consumer motivations and developing effective marketing strategies highlighting EVs environmental and economic benefits can increase market acceptance [53,54,55]. For example, campaigns that emphasize the integration of solar energy with electric vehicles can highlight the reduction of carbon emissions and attract sustainability-minded consumers [52].

5.5. Multi-Stakeholder Collaboration for Infrastructure

Finally, the research highlights stakeholder collaboration’s importance in developing infrastructures to support sustainable mobility. Creating shared mobility hubs, for example, can improve the integration between EVs and public transport, reducing dependence on individual vehicles and contributing to constructing more sustainable cities [49,50,51]. This collaboration can involve governments, companies, and non-governmental organizations in developing innovative and sustainable solutions.

Regarding future research and considering the present study, topics are suggested in the various clusters defined in Section 4.2.2 (

Table 8. Future research, Technological Innovation and Sustainability in Electric Vehicles.

Topic	Focus	Description
Integration of Digital Product Passports (DPPs)	Sustainability	Explore the use of DPPs to track the lifecycle of EV components, enhancing transparency and supporting circular economy practices [59,60].
Supply Chain Traceability	Sustainability and Value Creation	Analyse practices to improve the traceability of critical materials in the EV supply chain, ensuring regulatory compliance [61].
Smart Charging Infrastructure Development	Sustainability	Investigate technologies and business models that optimize charging infrastructure to maximize the use of renewable energy [62].
New Battery Technologies in Electric Vehicles	Sustainability and Value Creation	Explore the development and impact of new battery technologies, such as carbon nanotube-based batteries, which offer greater energy efficiency, longer lifespan and contribute to sustainability in the electric vehicle sector [63].

,

Table 9. Future research, Strategic Management and Sustainable Business Models in the Electric Vehicles Sector.

Topic	Focus	Description
Business Models Based on Circular Economy	Strategic Management and Sustainability	More research on how business models that promote reuse and recycling can create economic value. These potential models will need to be aligned with long-term and sustainability strategies [64].
Strategic Approaches to Battery Second Use	Strategic Management and Sustainability	Investigate the strategic implications of battery second-use industries, focusing on sustainability and economic viability [65].
Multi-Stakeholder Collaboration for Sustainable Mobility	Strategic Management and Sustainability	Study partnerships between various stakeholders to create mobility networks that integrate EVs with public transportation, enhancing sustainable urban mobility [66].
Regulatory Impacts	Strategic Management	Investigate how regulatory changes, such as emissions standards and tax incentives, affect companies’ strategies and value creation in the electric vehicle sector [67].

and

Table 10. Future research, Sustainable Consumption and Value Creation in the Electric Vehicles Market.

Topic	Focus	Description
Consumer Behaviour and EV Adoption	Value Creation and Sustainability	More research on marketing strategies and policy innovation on EV adoption, highlighting the economic and environmental benefits for the consumer [68].
Integration of Renewable Energy with EVs	Value Creation and Sustainability	Study the potential of integrating renewable energy sources, such as solar power, with EVs to enhance their sustainability and consumer value [69,70].
Value Creation through Sustainable Consumption	Value Creation and Sustainability	Explore how value is co-created through sustainable consumption patterns in the EV market, mainly through adopting shared mobility services [55,71].

). Each topic is classified according to its potential impact on value creation, strategic management and sustainability, providing a comprehensive view of the challenges and opportunities that still need to be explored.

6. Conclusions

The bibliometric analysis shows significant growth in research trends within “Electric Vehicles”, “Value Creation”, “Strategic Management”, and “Sustainability” since 2019. From 2008 to 2014, research primarily focused on “Engineering”, with less attention to “Environmental Sciences” and its connection to sustainability. In an increasingly digital society, consumers are more informed and simultaneously more aware of environmental issues. Consequently, they tend to choose more environmentally friendly options, making “sustainability” a critical factor in the implementation of EVs.

Considering the research results, gaps exist in areas related to other search terms such as “strategic management” or “value creation”, particularly in “Business, Management, and Accounting” or “Economics, Econometrics, and Finance”. One of the research objectives is to identify these gaps, necessitating more focus on business models, implementation strategies, and value-creation methods for organisations in the context of EVs. The systematic literature review highlighted three main clusters: Technological Innovation and Sustainability in Electric Vehicles, Strategic Management and Sustainable Business Models in the Electric Vehicle Sector, and Sustainable Consumption and Value Creation in the Electric Vehicles Market. Key contributions to each cluster were outlined. Several initiatives across different research areas were also pinpointed, including the co-creation of value between consumers and mobility-sharing firms, business strategies to promote sustainability (such as technology marketing), studies on the economic and environmental impacts of EVs production and distribution, and the need for effective public policies to support EVs adoption.

Furthermore, strategic implications suggest that adopting supportive government policies, understanding consumer behaviour, and technological innovation are essential to foster sustainable value creation in the electric vehicle ecosystem. The research also highlights the importance of circular economy practices, such as battery reuse, and the need to develop smart charging infrastructure to maximise the use of renewable energy.

As for future trends, the study suggests exploring digital product passports (DPPs) to track the life cycle of electric vehicle components, strengthening the circular economy and transparency in the supply chain. Innovation in battery technologies and integrating renewables with electric vehicles are promising areas for future research, with significant potential to drive sustainability and value creation in the sector.

In summary, EVs are the central theme linking all the referenced literature across different clusters. Each cluster directly addresses EVs, encompassing diverse aspects of the electric automotive industry, such as business strategies, innovation, value creation, primary battery technology, and sustainability.

In the context of EVs and digital society, it is fundamental to remark that digital transformation takes on exceptional standing, whether pushing innovations in business models or technological infrastructures.