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The consultancy IHS Markit forecasts that fully electric SUVs of different stripes (especially little ones) are going to start taking off in coming years.

Expand chart
Data: IHS Markit H1 Sales-Based Powertrain Forecast; Chart: Andrew Witherspoon/Axios

Why it matters: Both types of vehicles are hugely popular with U.S. consumers. So the true mainstreaming of EVs, now a tiny market share, will eventually require batteries to power a chunk of this segment.

The big picture: The number of EVs of various types available in the U.S. market is set to mushroom, IHS projects.

  • Overall, they see full EVs accounting for 7.6% of U.S. vehicle sales in 2026.
  • "By 2023, IHS Markit forecasts 43 brands will offer at least one EV option — this will include nearly all existing brands as well as new brands entering the market — compared to 14 brands offering EVs in 2018," they said in a note last week.
  • IHS expects U.S. electric SUV sales to grow to roughly 757,000 units, or nearly 60% of total EV sales, by 2026.

Where it stands: According to the consultancy BloombergNEF, trucks and SUVs account for over 50% of U.S. car sales, but just 19% of the current EV model offerings in the U.S. are SUVs.

Go deeper: American consumers may start looking at electric SUVs in the future

Go deeper

28 mins ago - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A pricetag of $500-555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

35 mins ago - World

U.S. presses Gulf countries to help resolve Sudan coup crisis

Jake Sullivan briefs the press. Photo: Chip Somodevilla/Getty

The Biden administration has asked its partners in the Gulf and elsewhere to press the Sudanese generals who carried out a coup on Monday to release captives including Prime Minister Abdallah Hamdok and to reinstate the civilian government, White House National Security Adviser Jake Sullivan said in a press briefing on Tuesday.

Why it matters: The U.S. has limited influence over coup leader Gen. Abdul Fattah al-Burhan and other military leaders, many of whom have close ties to Saudi Arabia and the United Arab Emirates.

Higher prices are the new norm, with no end in sight

Illustration: Aïda Amer/Axios

Companies are making money at record rates thanks in part to customers who are willing to pay higher prices.

Why it matters: In order to keeping that corporate profitability streak going, shoppers should expect sticker prices to stay high or become more expensive well into 2022. Fewer promotions and shallower discounts will also become the norm as inventory levels remain low.