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Illustration: Rebecca Zisser/Axios

Global sales of electric vehicles are projected to drop by 43% this year as the technology faces a series of overlapping problems, the consultancy Wood Mackenzie finds in an analysis.

Driving the news: "The coronavirus outbreak, potential delays to fleet purchasing due to lower oil price and a wait-and-see approach to buying new models have all contributed to this decrease in projected sales," they write.

  • They see worldwide sales of battery electric and plug-in hybrids at 1.3 million vehicles this year, compared to 2.2 million last year.

Why it matters: EVs remain a niche market, and the Wood Mackenzie report shows why COVID-19 means even more speed bumps on the path to the technology becoming mainstream — and for multiple reasons.

  • "The automakers’ response to the pandemic — suspending car manufacturing to focus on making medical equipment — is only going to delay model launches further," Wood Mackenzie analyst Ram Chandrasekaran notes in the report.

But, but, but: Chandrasekaran also says that pent-up demand is expected to help a bounce back in sales later in the year, and the long-term trend is slated to remain upward.

  • He points out that automakers have become more interested in climate-friendly product lines due to government policies and investor attitudes.
  • "The shift towards sustainability is the driving force behind the electrification of transport. Uncertainty caused by the oil price war and global catastrophes will only serve to strengthen that resolve, not deter it."

Go deeper: Tesla to cut employees' pay up to 30% and furlough workers

Go deeper

7 mins ago - Podcasts

Former FDA chief Rob Califf on the vaccine approval process

The U.S. Food and Drug Administration (FDA) is reviewing two emergency use authorization requests for COVID-19 vaccines, with an outside advisory committee scheduled to meet next Thursday to review data from Pfizer and its German partner BioNTech.

Axios Re:Cap digs in with former FDA commissioner Rob Calif about the EUA process, the science and who should make the final call.

12 mins ago - Politics & Policy

The recovery needs rocket fuel

Data: BLS. Chart: Axios Visuals

Friday's deeply disappointing jobs report should light a fire under Congress, which has dithered despite signs the economy is struggling to kick back into gear.

Driving the news: President-elect Biden said Friday afternoon in Wilmington that he supports another round of $1,200 checks.

1 hour ago - Health

CDC: It's time for "universal face mask use"

Photo: Paul Hennessy/SOPA Images/LightRocket via Getty

The CDC is urging “universal face mask use” for the first time since the coronavirus pandemic began, citing recent case spikes as the U.S. has entered a phase of “high-level transmission” before winter officially begins.

Why it matters: Daily COVID-related deaths across the U.S. hit a new record on Wednesday. Face coverings have been shown to increase protection of the wearer and those around them, despite some Americans' reluctance to use them.