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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

Sep 28, 2021 - Podcasts

Electric vehicles front and center

Ford Motor Company is making a big bet on electric vehicles in Kentucky and Tennessee through a new assembly plant and new battery factories. This comes as debate continues over President Biden's ambitious spending plan, which could transform the transportation sector when it comes to electric cars.

  • Plus, why it took decades to convict R. Kelly.
  • And, the debt ceiling, explained.

Guests: Axios' Joann Muller and Alayna Treene; Jim DeRogatis, journalist and author of Soulless: The Case Against R. Kelly; Koa Beck, journalist and author of White Feminism.

Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Dan Bobkoff, Alexandra Botti, Nuria Marquez Martinez, Sabeena Singhani, Alex Sugiura, and Michael Hanf. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go deeper:

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.