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Data: Wood Mackenzie; Chart: Axios Visuals

Just-released projections from the consultancy Wood Mackenzie see battery electric vehicles growing to 56% of global sales by midcentury as internal combustion models see their share greatly erode.

The big picture: It estimates there will be 875 million electric passenger vehicles and 70 million electric commercial vehicles on the roads by 2050. The latest analysis of passenger and commercial markets boosts its estimate of fully electric vehicles' share compared to even a February projection, which had it at 48%.

What they're saying: "A growing list of countries and automakers are committing to carbon neutral targets and this has completely transformed the global road transport landscape," Wood Mackenzie analyst Ram Chandrasekaran said in a statement.

Yes, but: Long-term outlooks are stuffed with uncertainties.

  • And despite rapid growth, the International Energy Agency warns that EV adoption isn't on pace to meet Paris climate agreement goals.
  • The IEA's recent analysis of what's needed to reach net-zero global emissions by 2050 would have EVs at 60% of passenger car sales by 2030(!).

What we're watching: Growing — albeit nonbinding — pledges by governments and automakers to speed up the transformation of vehicle fleets.

The latest: Reports emerged over the weekend that Volkswagen, the world's second-largest automaker, would stop making internal combustion vehicles in Europe by 2035.

Go deeper: In EV era, batteries are the new oil

Go deeper

Jun 28, 2021 - Economy & Business

In EV era, batteries are the new oil

Illustration: Sarah Grillo/Axios

At the very moment the United States is ramping up electric vehicle development manufacturers are running up against the weakest link in the supply chain — a shortage of battery materials.

Why it matters: The bottleneck puts the United States at a major disadvantage to China, which controls most of the world's battery minerals mining and processing.

3 hours ago - World

Biden: U.S. combat mission in Iraq will end this year

Biden returning to the White House on July 25. Photo: Samuel Corum/Getty Images

The United States' combat mission against the Islamic State in Iraq will be completed "by the end of the year," President Biden said Monday prior to a meeting with Iraqi Prime Minister Mustafa al-Kadhimi.

Why it matters: Biden is close to shifting the U.S. military mission in Iraq to a fully advisory role more than 18 years after combat troops were sent to the country under the former President George W. Bush.

How extreme weather feeds inflation

Illustration: Annelise Capossela/Axios

This summer's extreme weather is having ripple effects that could raise food prices in the U.S. and disrupt diets around the world.

Why it matters: Climate scientists and food supply experts, like those at the Food and Agriculture Organization (FAO) in Rome, have long warned about the impact of human-caused global warming on prices, food shortages and hunger.