Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
New International Energy Agency preliminary data shows that worldwide sales grew by an estimated 40% last year, exceeding the agency's expectations.
Why it matters: The increase occurred despite a drop on overall global vehicle sales.
- "Backed by existing policy support and additional stimulus measures, the IEA preliminary estimate is that electric car sales worldwide climbed to over 3 million and reached a market share of over 4%," they write.
Reality check: "While impressive, the share of electric vehicles in total car sales is still only one-tenth that of conventional SUV sales," IEA analysts noted in their commentary alongside the data.
How it works: IEA sees a few reasons EV sales didn't fall sharply alongside conventional car sales, even though COVID-19 initially hindered both manufacturing and demand.
- One was that policy support was strong, especially in Europe.
- There were also continued declines in battery costs, more models coming to market, and enthusiasm among affluent car buyers less affected by the economic crisis.
What we're watching: The trajectory of U.S. sales in the years ahead, which were essentially flat year over year in the United States.
- But more models are coming to showrooms, and Biden hopes to implement policies — ranging from tougher emissions rules to charging infrastructure support — that will expand deployment.