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This paper focuses on the relation between large car manufacturers' incentive and opportunity to innovate and their electric vehicle (EV) business strategies. We analyze how environmental regulation and the firm's incentive (measured by net income) and opportunity to innovate (measured by EV asset position, determined from a combination of patent, partnership and prototype data) affected EV sales over the period 1990-2011. During the EV's R&D period in the 1990s, large car manufacturers that were regulated by the full zero emission vehicle mandate developed a significantly stronger EV asset position, but did not sell significantly more EVs than their rivals. During the EV's commercialization period (2007)(2008)(2009)(2010)(2011), large car manufacturers with both a strong incentive and a strong opportunity to innovate sold significantly more EVs. Based on these results, the paper offers a typology of business strategies, several managerial implications, and recommendations for policy makers to stimulate sustainable development.

This patent study researches the relation between competitive forces and the continuation of waves of Low Emission Vehicle (LEV) development. The competitive forces included are rivalry, dispersion referring to competition in general, and the presence of new entrants. We identify four waves of LEV development over the period 1990-2010, two of which were broken before becoming a commercial success, one that was continued, and one that is the current wave of Battery Electric Vehicle (BEV) development. Although the presence of new entrants could not be tested for all cases, our findings suggest that the combination of rivalry and dispersion positively relates to continued LEV development. We conclude that continuation of the current wave of BEV development is likely, as it is supported by increases in rivalry, dispersion and the presence of new entrants. (J.H. Wesseling), j.faber1@uu.nl (J. Faber), m.p.hekkert@uu.nl (M.P. Hekkert). 1 Although no recent successes have been attained, until the early 1900s more BEVs were sold than there were ICEVs [10]. 0040-1625/$see front matter

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