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Expand chart
Reproduced from IEA; Note: Government incentives includes direct spending and tax expenditures; Chart: Axios Visuals

A new International Energy Agency analysis finds that governments account for nearly one-fifth of global spending on electric vehicle purchases.

Why it matters: "The ability of governments to stabilize and then reduce their share of total EV spending will be a key test of the sustainability of the EV market in coming years," 2 analysts write in the Oct. 10 commentary.

  • "Unless government incentives adjust as the market increases, considerable pressure will be placed on public budgets," they add.

The big picture: Governments accounted for roughly 18% of total EV spending last year — a tally that includes both direct support and tax incentives.

  • That's roughly the same level as 2017, but the share generally rose between 2012 and 2017 and "could very well rise again in [the] future."

Threat level: They note the EV market is growing at "whirlwind speed" even though they remain a tiny share of overall sales.

  • "But because it relies on government payments that cannot rise indefinitely, this growth raises risks and uncertainty even as battery costs come down," it states.

The intrigue: Government support is falling in 2 key markets, and the early signs show that it's affecting sales.

  • In China, the world's largest EV market, a cut in subsidies this year has eaten into sales.
  • In the U.S., sales growth has also slowed as consumer tax credits are phased down.

Go deeper

Updated 2 hours ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

American officials and authorities in Haiti are working to try and free 17 hostages from a U.S.-based missionary group who were kidnapped in Port-au-Prince over the weekend, AP reported Monday.

The latest: Christian Aid Ministries said in a statement Sunday, "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children." The Ohio-based organization said they were on a trip to visit an orphanage when they were kidnapped Saturday.

China's economic growth slows

A worker assembles heavy truck engines in Hangzhou in eastern China's Zhejiang Province, on Monday. Photo: Long We/Costfoto/Barcroft Media via Getty Images

China's economy grew 4.9% in the third quarter of 2021 compared with a year earlier, the country's National Bureau of Statistics announced Monday.

Why it matters: The gross domestic product growth in the July-September period in the world’s second-largest economy marked the "weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter," Reuters notes.

5 hours ago - World

Former spy Steele defends controversial Trump Russia dossier

Former U.K. intelligence officer Christopher Steele arrives at the High Court in London in July 2020. Photo: Tolga Akmen/AFP via Getty Images

The author of the "Steele Dossier," containing unverified claims about former President Trump told ABC News he stands by his controversial report, according to excerpts from an upcoming documentary released Sunday.

Why it matters: The FBI drew on former U.K. intelligence officer Christopher Steele's dossier as part of its investigation into the Trump campaign's alleged links to Russia's government, which led to former special counsel Robert Mueller's probe.